Note 7 - Income and Mining Taxes (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Income Tax Disclosure [Abstract] |
|
|
| Schedule of Components of Income and Mining Tax Benefit (Provision) |
Major components of our income and mining tax for the three months ended March 31, 2026 and 2025 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Current: |
|
|
|
|
|
|
Domestic |
|
$ |
(21,202 |
) |
|
$ |
(2,615 |
) |
Foreign |
|
|
(1,820 |
) |
|
|
— |
|
Total current income and mining tax provision |
|
|
(23,022 |
) |
|
|
(2,615 |
) |
Deferred: |
|
|
|
|
|
|
Domestic |
|
|
(25,045 |
) |
|
|
(10,833 |
) |
Foreign |
|
|
(2,833 |
) |
|
|
(856 |
) |
Total deferred income and mining tax provision |
|
|
(27,878 |
) |
|
|
(11,689 |
) |
Total income and mining tax provision |
|
$ |
(50,900 |
) |
|
$ |
(14,304 |
) |
|
Major components of our income and mining tax provision for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Current: |
|
|
|
|
|
|
|
|
|
United States |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State income and state mining taxes |
|
|
(17,469 |
) |
|
|
(6,758 |
) |
|
|
(3,846 |
) |
Canada |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Canada - provincial mining taxes |
|
|
(1,272 |
) |
|
|
— |
|
|
|
— |
|
Total current income and mining tax provision |
|
|
(18,741 |
) |
|
|
(6,758 |
) |
|
|
(3,846 |
) |
Deferred: |
|
|
|
|
|
|
|
|
|
United States |
|
|
(58,959 |
) |
|
|
(29,517 |
) |
|
|
(7,115 |
) |
State and state mining taxes |
|
|
(17,246 |
) |
|
|
(5,682 |
) |
|
|
(3,136 |
) |
Canada |
|
|
(1,714 |
) |
|
|
— |
|
|
|
— |
|
Canada - provincial mining taxes |
|
|
(2,082 |
) |
|
|
1,988 |
|
|
|
1,851 |
|
Total deferred income and mining tax provision |
|
|
(80,001 |
) |
|
|
(33,211 |
) |
|
|
(8,400 |
) |
Total income and mining tax provision |
|
$ |
(98,742 |
) |
|
$ |
(39,969 |
) |
|
$ |
(12,246 |
) |
|
| Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes |
|
Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
304,122 |
|
|
$ |
138,986 |
|
|
$ |
18,528 |
|
Canada |
|
|
54,848 |
|
|
|
(46,293 |
) |
|
|
(42,426 |
) |
Mexico |
|
|
(2,169 |
) |
|
|
(2,489 |
) |
|
|
(4,103 |
) |
Total |
|
$ |
356,801 |
|
|
$ |
90,204 |
|
|
$ |
(28,001 |
) |
|
| Schedule Of Income And Mining Tax Payments Net of Refunds Received TableTextBlock |
|
The Company paid the following income and mining tax payments net of refunds for the years ended December 31, 2025, 2024 and 2023(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Alaska |
|
|
6,203 |
|
|
|
3,926 |
|
|
|
3,197 |
|
Idaho |
|
|
263 |
|
|
|
9 |
|
|
|
247 |
|
Canada |
|
|
— |
|
|
|
27 |
|
|
|
— |
|
Other |
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Total |
|
$ |
6,466 |
|
|
$ |
3,965 |
|
|
$ |
3,447 |
|
|
| Schedule of Effective Income Tax Reconciliation |
|
The annual tax provision is different from the amount that would be provided by applying the United States statutory federal income tax rate to our pretax income (loss). The reasons for the difference for the years ended December 31, 2025, 2024 and 2023 are (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income and mining tax (provision) / benefit at statutory rate |
|
$ |
(74,927 |
) |
|
|
21 |
% |
|
$ |
(18,943 |
) |
|
|
21 |
% |
|
$ |
5,880 |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State and local income tax, net of federal (national) income tax effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State taxes, net of federal tax benefit (a) |
|
|
(16,080 |
) |
|
|
4 |
|
|
|
(7,102 |
) |
|
|
8 |
|
|
|
(1,623 |
) |
|
|
(6 |
) |
US Mining and other taxes (b) |
|
|
(16,884 |
) |
|
|
5 |
|
|
|
(6,611 |
) |
|
|
7 |
|
|
|
(3,867 |
) |
|
|
(14 |
) |
Foreign tax effects |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada - Rate differential on foreign earnings |
|
|
2,808 |
|
|
|
(1 |
) |
|
|
(3,445 |
) |
|
|
4 |
|
|
|
(12,175 |
) |
|
|
(43 |
) |
Canada - Currency remeasurement |
|
|
1,872 |
|
|
|
(1 |
) |
|
|
(3,065 |
) |
|
|
3 |
|
|
|
2,240 |
|
|
|
8 |
|
Canada - Mining taxes |
|
|
(3,563 |
) |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0 |
|
Canada - Provincial taxes |
|
|
(4,834 |
) |
|
|
1 |
|
|
|
7,837 |
|
|
|
(9 |
) |
|
|
15,516 |
|
|
|
55 |
|
Canada - Other |
|
|
1,080 |
|
|
|
— |
|
|
|
1,683 |
|
|
|
(2 |
) |
|
|
744 |
|
|
|
3 |
|
Canada - Change in valuation allowance |
|
|
4,437 |
|
|
|
(1 |
) |
|
|
(7,000 |
) |
|
|
8 |
|
|
|
(6,731 |
) |
|
|
(24 |
) |
Provincial - Change in valuation allowance |
|
|
3,495 |
|
|
|
(1 |
) |
|
|
(5,598 |
) |
|
|
6 |
|
|
|
(4,764 |
) |
|
|
(17 |
) |
Provincial - Currency remeasurement |
|
|
1,580 |
|
|
|
(1 |
) |
|
|
1,856 |
|
|
|
(2 |
) |
|
|
(1,888 |
) |
|
|
(7 |
) |
Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate differential on foreign earnings |
|
|
195 |
|
|
|
— |
|
|
|
224 |
|
|
|
— |
|
|
|
369 |
|
|
|
1 |
|
Currency remeasurement |
|
|
1,543 |
|
|
|
— |
|
|
|
(2,297 |
) |
|
|
3 |
|
|
|
283 |
|
|
|
1 |
|
Change in valuation allowance |
|
|
(2,178 |
) |
|
|
1 |
|
|
|
1,617 |
|
|
|
(2 |
) |
|
|
(3,098 |
) |
|
|
(11 |
) |
Other |
|
|
(15 |
) |
|
|
— |
|
|
|
(67 |
) |
|
|
— |
|
|
|
1,584 |
|
|
|
6 |
|
Effect of Cross-Border Tax Laws |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global intangible low-taxed income |
|
|
(5,634 |
) |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subpart F |
|
|
(6,368 |
) |
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in valuation allowance |
|
|
(3,875 |
) |
|
|
1 |
|
|
|
(3,387 |
) |
|
|
4 |
|
|
|
(5,712 |
) |
|
|
(20 |
) |
Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage depletion |
|
|
23,571 |
|
|
|
(7 |
) |
|
|
9,896 |
|
|
|
(11 |
) |
|
|
4,205 |
|
|
|
15 |
|
Transfer Pricing Allocation |
|
|
(1,795 |
) |
|
|
1 |
|
|
|
(755 |
) |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Compensation |
|
|
(838 |
) |
|
|
— |
|
|
|
(2,588 |
) |
|
|
3 |
|
|
|
(1,536 |
) |
|
|
(6 |
) |
Other |
|
|
(2,332 |
) |
|
|
1 |
|
|
|
(2,224 |
) |
|
|
2 |
|
|
|
(1,673 |
) |
|
|
(6 |
) |
Total (provision) benefit |
|
$ |
(98,742 |
) |
|
|
28 |
% |
|
$ |
(39,969 |
) |
|
|
44 |
% |
|
$ |
(12,246 |
) |
|
|
(44 |
)% |
(a) State taxes in Alaska made up the majority (greater than 50 percent) of the tax effect in this category.
(b) Mining taxes for Alaska Mine License Tax made up the majority (greater than 50 percent) of the tax effect in this category. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Components of Net Deferred Tax Assets and Liabilities |
|
At December 31, 2025 and 2024, the net deferred tax liability was $157.6 million and $60.1 million, respectively. The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Deferred tax assets: |
|
|
|
|
|
|
Accrued reclamation costs |
|
$ |
33,270 |
|
|
$ |
28,032 |
|
Deferred exploration |
|
|
21,691 |
|
|
|
21,591 |
|
Foreign net operating losses |
|
|
54,523 |
|
|
|
50,090 |
|
Domestic net operating losses |
|
|
126,186 |
|
|
|
191,583 |
|
Foreign exchange loss |
|
|
21,348 |
|
|
|
29,292 |
|
Foreign tax credit carryforward |
|
|
516 |
|
|
|
1,576 |
|
Miscellaneous |
|
|
40,560 |
|
|
|
30,014 |
|
Total deferred tax assets |
|
|
298,094 |
|
|
|
352,178 |
|
Valuation allowance |
|
|
(111,426 |
) |
|
|
(115,105 |
) |
Total deferred tax assets |
|
|
186,668 |
|
|
|
237,073 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Miscellaneous |
|
|
(17,123 |
) |
|
|
(7,716 |
) |
Properties, plants and equipment |
|
|
(327,130 |
) |
|
|
(289,430 |
) |
Total deferred tax liabilities |
|
|
(344,253 |
) |
|
|
(297,146 |
) |
Net deferred tax liability |
|
$ |
(157,585 |
) |
|
$ |
(60,073 |
) |
|
| Schedule of Changes in Valuation Allowance |
|
The changes in the valuation allowance for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Balance at beginning of year |
|
$ |
(115,105 |
) |
|
$ |
(100,910 |
) |
|
$ |
(72,856 |
) |
Valuation allowance on deferred tax assets acquired with the ATAC (2023) and Alexco (2022) acquisitions |
|
|
— |
|
|
|
— |
|
|
|
(8,077 |
) |
Decrease (increase) related to non-recognition of deferred tax assets due to uncertainty of recovery and increase related to non-utilization of net operating loss carryforwards |
|
|
(7,113 |
) |
|
|
(16,965 |
) |
|
|
(21,114 |
) |
Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable |
|
|
10,792 |
|
|
|
2,770 |
|
|
|
1,137 |
|
Balance at end of year |
|
$ |
(111,426 |
) |
|
$ |
(115,105 |
) |
|
$ |
(100,910 |
) |
|