Golden Minerals (AUMN) 10-Q13 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-13627
Entity Registrant Name	Golden Minerals Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4413382
Entity Address, Address Line One	350 INDIANA STREET, SUITE 650
Entity Address, City or Town	GOLDEN
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80401
City Area Code	303
Local Phone Number	839-5060
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AUMN
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,576,185
Entity Central Index Key	0001011509
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents (Note 5)		$ 2,435	$ 3,766
Short-term investments			11
Accounts receivables		388	51
Value added tax receivable, net (Note 7)		1,132	3,135
Prepaid expenses and other assets (Note 6)		879	921
Current assets held for sale (Note 3)		497	830
Total current assets		5,331	8,714
Property, plant and equipment, net (Note 8)		2,758	2,789
Investments		265	265
Right-of-use assets		86	110
Assets held for sale (Note 3)		2,915	3,032
Total assets		11,355	14,910
Current liabilities
Accounts payable and other accrued liabilities (Note 9)		6,039	4,899
Other current liabilities (Note 11)		505	774
Total current liabilities		6,544	5,673
Asset retirement and reclamation liabilities (Note 10)		306	306
Other long-term liabilities (Note 11)		19	28
Liabilities held for sale (Note 3)		3,865	3,790
Total liabilities		10,734	9,797
Commitments and contingencies (Note 16)
Equity (Note 14)
Common stock, $.01 par value, 28,000,000 shares authorized; 14,572,185 and 14,084,680 shares issued and outstanding, respectively (1)	[1]	146	141
Additional paid-in capital		552,228	552,160
Accumulated deficit		(551,753)	(547,188)
Shareholders' equity		621	5,113
Total liabilities and equity		$ 11,355	$ 14,910

[1] Reflects the one-for- 25 reverse stock split that became effective June 9, 2023. Refer to Note 1, Basis of Preparation of Financial Statements and Nature of Operations .

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	28,000,000	28,000,000
Common stock, shares issued (in shares)	14,572,185	14,084,680
Common stock, shares outstanding (in shares)	14,572,185	14,084,680

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue:
Sale of metals (Note 15)			$ 4,217
Total revenue			4,217
Costs and expenses:
Cost of metals sold (exclusive of depreciation shown below) (Note 15)			(4,046)
Exploration expense		$ (467)	(1,339)
El Quevar project expense		(139)	(151)
Administrative expense		(1,046)	(1,331)
Stock-based compensation		(73)	(189)
Other operating income, net		11	13
Depreciation and amortization		(23)	(4)
Total costs and expenses		(1,737)	(7,047)
Loss from operations		(1,737)	(2,830)
Other income (expense):
Interest and other income, net		15	2
(Loss) gain on foreign currency transactions		(25)	18
Total other (expense) income		(10)	20
Loss from operations before income taxes and discontinued operations		(1,747)	(2,810)
Loss from continuing operations		(1,747)	(2,810)
Loss from discontinued operations, net of taxes		(2,818)	(456)
Net loss		$ (4,565)	$ (3,266)
Net loss per common share - basic
Continuing operations		$ (0.12)	$ (0.40)
Discontinued operations	[1]	(0.20)	(0.07)
Net loss per common share - basic (in dollars per share)	[2]	$ (0.32)	$ (0.47)
Weighted-average shares outstanding - basic (in shares)	[3]	14,186,223	6,889,610

[1] (1) Reflects the one-for- 25 reverse stock split that became effective June 9, 2023. Refer to Note 1, Basis of Preparation of Financial Statements and Nature of Operations . Reflects the one-for- 25 reverse stock split that became effective June 9, 2023. Refer to Note 1, Basis of Preparation of Financial Statements and Nature of Operations . Potentially dilutive shares have not been included for loss periods because to do so would be anti-dilutive. Potentially dilutive shares at March 31, 2024, consist of 440,409 equivalent shares related to stock compensation and 10,819,742 equivalent shares related to warrants outstanding. Potentially dilutive shares at March 31, 2023, consist of 420,409 equivalent shares related to stock compensation and 392,155 equivalent shares related to warrants outstanding. See Note 14 for a discussion of stock-based compensation and warrants.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)	3 Months Ended
	Mar. 31, 2024 shares	Mar. 31, 2023 shares
Employee Stock Option
Dilutive shares	440,409	420,409
Warrant
Dilutive shares	10,819,742	392,155

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (4,565)	$ (3,266)
Loss from discontinued operations, net of taxes	2,818	456
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23	4
Loss on trading securities	11	8
Gain on sale of assets	(11)
Stock-based compensation	73	189
Changes in operating assets and liabilities:
Accounts receivable	(337)	131
Inventories, net		(60)
Value added tax receivable, net	2,003	(878)
Prepaid expenses and other assets	42	(8)
Right-of-use assets	24	101
Accounts payable and other accrued liabilities	1,140	1,225
Other current liabilities	(269)	(233)
Asset retirement and reclamation liabilities		(6)
Other long-term liabilities	(9)	(22)
Net cash provided by (used in) operating activities - continuing operations	943	(2,359)
Net cash used in operating activities - discontinued operations	(2,385)	(320)
Net cash used in operating activities	(1,442)	(2,679)
Cash flows from investing activities:
Proceeds from sale of assets	19	4
Net cash provided by investing activities - continuing operations	19	4
Net cash provided by investing activities - discontinued operations	92	3
Net cash provided by investing activities	111	7
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		701
Net cash provided by financing activities - continuing operations		701
Net cash provided by financing activities		701
Net decrease in cash and cash equivalents	(1,331)	(1,971)
Cash and cash equivalents, beginning of period	3,766	3,972
Cash and cash equivalents, end of period	2,435	2,001
Supplemental disclosure:
Interest paid	$ 5	8
Supplemental disclosure of non-cash transactions:
Deferred equity offering costs amortized		$ 23

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands		Common Stock		Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2022		$ 68	[1]	$ 544,372	$ (537,960)	$ 6,480
Balance (in shares) at Dec. 31, 2022	[1]	6,836,735
Increase (Decrease) in Stockholders' Equity
Stock compensation accrued (Note 14)				189		189
Shares issued under the at-the-market offering agreement, net (Note 14)		$ 1	[1]	677		678
Shares issued under the at-the-market offering agreement, net (Note 14) (in shares)	[1]	109,999
Net Income (Loss)					(3,266)	(3,266)
Balance at Mar. 31, 2023		$ 69	[1]	545,238	(541,226)	4,081
Balance (in shares) at Mar. 31, 2023	[1]	6,946,734
Balance at Dec. 31, 2023		$ 141	[1]	552,160	(547,188)	5,113
Balance (in shares) at Dec. 31, 2023	[1]	14,084,680
Increase (Decrease) in Stockholders' Equity
Stock compensation accrued (Note 14)				73		73
Stock compensation accrued (Note 14) (in shares)	[1]	(1,067)
Warrants exercised (Note 14)		$ 5	[1]	(5)
Warrants exercised (Note 14) (in shares)	[1]	488,572
Net Income (Loss)					(4,565)	(4,565)
Balance at Mar. 31, 2024		$ 146	[1]	$ 552,228	$ (551,753)	$ 621
Balance (in shares) at Mar. 31, 2024	[1]	14,572,185

[1] (1) Reflects the one-for- 25 reverse stock split that became effective June 9, 2023. Refer to Note 1, Basis of Preparation of Financial Statements and Nature of Operations .

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	Jun. 09, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Reverse stock split	0.04

Basis of Preparation of Financi

Basis of Preparation of Financial Statements and Nature of Operations	3 Months Ended
	Mar. 31, 2024
Basis of Preparation of Financial Statements and Nature of Operations
Basis of Preparation of Financial Statements and Nature of Operations	1. Basis of Preparation of Financial Statements and ature of Operations Golden Minerals Company (the “Company”, “we” “our” or “us”), a Delaware corporation, has prepared these unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements do not include all disclosures required by GAAP for annual financial statements, but in the opinion of management, include all adjustments necessary for a fair presentation. Certain prior period amounts may have been reclassified to conform to current classifications. Interim results are not necessarily indicative of results for a full year; accordingly, these interim condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 19, 2024 (the “2023 Annual Report”). The Company is a mining company, holding a 100% interest in the Rodeo property in Durango State, Mexico (the “Rodeo Property”), a 100% interest in the Velardeña and Chicago precious metals mining properties and associated oxide and sulfide processing plants in the state of Durango, Mexico (the “Velardeña Properties”), which are subject to a purchase agreement with a private Mexican entity (see Note 2), a 100% interest in the El Quevar advanced exploration property in the province of Salta, Argentina (see Note 8), and a diversified portfolio of precious metals and other mineral exploration properties located primarily in or near historical precious metals producing regions of Mexico, Argentina and Nevada. The Velardeña Properties, the Yoquivo property and the El Quevar advanced exploration property are the Company’s only material properties. We concluded mining operations at the Rodeo Property in June 2023. We commenced mining activities at the Velardeña Properties in December 2023; however, mining operations were shut down in February 2024 because the initial performance of the mine and processing plant did not meet the expected results. The Company continued to process material at the sulfide plant through the end of March, 2024 at which time the plant was also shut down. Both assets are being held for sale and in a care and maintenance state. We continue to evaluate and search for mining opportunities in North America (including Mexico) with near-term prospects of mining. We are also focused on advancing our Yoquivo exploration property in Mexico, and our El Quevar advanced exploration property in Argentina. We are holding an additional portfolio of approximately 11 properties located in Mexico, Nevada and Argentina for sale or advancement when possible. The Company is considered an exploration stage issuer under the criteria set forth by the SEC under Subpart 1300 of Regulation S-K (“S-K 1300”) as the Company has not yet demonstrated the existence of mineral reserves at any of the Company’s properties. As a result, and in accordance with GAAP for exploration stage companies, all expenditures for exploration and evaluation of the Company’s properties are expensed as incurred. As such, the Company’s financial statements may not be comparable to the financial statements of mining companies that have proven and probable mineral reserves. Such companies would typically capitalize certain development costs including infrastructure development and mining activities to access the ore. The capitalized costs would be amortized on a units-of-production basis as reserves are mined. The amortized costs are typically allocated to inventory and eventually to cost of sales as the inventories are sold. As the Company does not have proven and probable mineral reserves, substantially all expenditures at the Company’s Rodeo Property and the Velardeña Properties for mine construction activity, as well as operating costs associated with the mill facilities, and for items that do not have a readily identifiable market value apart from the mineralized material, have been expensed as incurred. Such costs are charged to cost of metals sold or project expense during the period depending on the nature of the costs. Certain costs may be reflected in inventories prior to the sale of the product. The Company cannot be certain that any deposits at any of its properties will ever be confirmed or converted into S-K 1300 compliant “reserves.” Reverse Stock Split On May 26, 2023, the Company’s Board of Directors approved a reverse stock split (the “Reverse Stock Split”) of the Company’s common stock, par value $0.01 per share, at a ratio of one-for- 25 “Authorized Shares Reduction”), each effective as of June 9, 2023. To effect the Reverse Stock Split and the Authorized Shares Reduction, the Company filed an amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on May 30, 2023. Accordingly, all share and per share data (including share and per share information related to share-based compensation and outstanding warrants), number of shares outstanding and other common stock equivalents for the periods presented in the accompanying interim condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split.

Liquidity, Capital Resources an

Liquidity, Capital Resources and Going Concern	3 Months Ended
Liquidity, Capital Resources and Going Concern	Mar. 31, 2024
Liquidity, Capital Resources and Going Concern
Liquidity, Capital Resources and Going Concern	2. Liquidity, Capital Resources and Going Concern We do not currently have sufficient resources to meet our expected cash needs during the twelve months ended March 31, 2025. At March 31, 2024, we had current assets of approximately $5.3 million, including cash and cash equivalents of approximately $2.4 million. On the same date, we had accounts payable and other current liabilities of approximately $6.5 million. Because we have ceased mining at the Velardeña mine, our only near-term opportunities to generate cash flow are from the sale of assets and from equity financing. We will require further sources of capital. In order to satisfy the Company’s projected general, administrative, exploration and other expenses through March 31, 2025, we will need approximately $6.0 to $8.0 million in capital inflows. These capital inflows may take the form of asset sales, equity financing activities, collection of our outstanding accounts receivable, or otherwise. We have previously announced the execution of asset purchase and sale agreements to sell certain mining concessions, equipment, land parcels and other assets in exchange for an aggregate purchase price of $5.5 million in an SEC filing on form 8-K. The assets being sold include the Velardeña and Chicago mines, both oxide and sulfide processing plants and related equipment. Pursuant to the terms of the sales agreements (i) on April 29, 2024, the buyer paid a non-refundable advance payment of $1.0 million in cash to the Company; (ii) on May 20, 2024, the buyer shall pay $2.0 million in cash, plus value added tax (“VAT”) (including VAT on the advance payment), to the Company and (iii) on July 1, 2024, the buyer shall pay $2.5 million in cash, plus VAT, to the Company (see Note 19). As of March 31, 2024, we had VAT receivable in Mexico of approximately $1.1 million. Although we believe it is likely we will receive some material portion of this receivable in the second and third quarters of 2024, there is no certainty as to the timing and amount of such payment. The interim condensed consolidated financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. However, as noted above, our continuing long-term operations will be dependent upon our ability to secure sufficient funding to support future operations. The underlying value and recoverability of the amounts shown as property, plant and equipment in our interim condensed consolidated financial statements are dependent on our ability to sell certain asset of the Company and receive future equity financings to continue to fund general administrative, and exploration activities that would lead to additional profitable mining and processing activities or to generate proceeds from the disposition of mineral exploration properties. The ability of the Company to maintain a positive cash balance for a period of twelve months beyond the filing date of this Quarterly Report on Form 10-Q is dependent upon its ability to generate sufficient cash flow from the sale of assets, to collect VAT accounts receivable from the Mexican government, to reduce expenses, and to raise sufficient funds through equity financings or other external sources. These material uncertainties cast significant doubt on the Company’s ability to continue as a going concern. Therefore, the Company cannot conclude that substantial doubt does not exist as to the Company’s ability to continue as a going concern for the twelve months following the filing date of this Quarterly Report on Form 10-Q. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities, which might be necessary should the Company not continue as a going concern.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	3 Months Ended
Assets Held for Sale and Discontinued Operations	Mar. 31, 2024
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations	3. Assets Held for Sale and Discontinued Operations We classify long-lived assets, or disposal groups comprised of assets and liabilities, as held for sale in the period in which the following six criteria are met, (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, in accordance with Accounting Standard Codification (“ASC”) 360, Property, Plant and Equipment The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, and ASC 205-20, Presentation of Financial Statements – Discontinued Operations Net loss from discontinued operations, net of tax In December 2023, the Company restarted operations at the Velardeña Properties. In February 2024, it was determined that the initial performance of both the mine and the processing plant did not achieve the expected results. On February 29, 2024, the Company announced that it elected to discontinue operations at the Velardeña Properties and hold them for sale. The Company is now primarily focused on shutting down the Velardeña Properties and holding them for short-term sale as evaluations are performed to research options to realize maximum value from the Company’s remaining assets. As previously disclosed in an SEC filing on form 8-K, the Company has entered into certain sales agreements to sell the Velardeña and Chicago mines, both oxide and sulfide processing plants and related equipment of the Velardeña Properties. The terms of the sales agreement include completion and final payment of the sale by July 1, 2024. The following table summarizes the major line items for the Velardeña Properties that are included in Loss from discontinued operations, net of taxes Three Months Ended March 31, 2024 2023 (in thousands) Sale of metals $ 1,225 $ — Cost of metals sold (2,924) — Velardeña care and maintenance costs — (247) Reclamation expense (75) (73) Other operating income 241 10 Severance and termination benefits (1,190) — Depreciation and amortization (95) (95) Loss from discontinued operations before income taxes (2,818) (405) Income taxes — (51) Loss from discontinued operations, net of taxes $ (2,818) $ (456) The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented: March 31, December 31, 2024 2023 (in thousands) Assets Inventories, net $ 497 $ 830 Total current assets held for sale 497 830 Property, plant and equipment, net 2,915 3,032 Total assets held for sale $ 3,412 $ 3,862 Liabilities Asset retirement and reclamation liabilities 3,865 3,790 Total liabilities held for sale $ 3,865 $ 3,790

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2024
New Accounting Pronouncements
New Accounting Pronouncements	4. New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
Cash and Cash Equivalents	Mar. 31, 2024
Cash and Cash Equivalents
Cash and Cash Equivalents	5. Cash and Cash Equivalents Cash and Cash Equivalents The Company has reported $2.4 million and $3.8 million Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	3 Months Ended
Prepaid Expenses and Other Assets	Mar. 31, 2024
Prepaid Expenses and Other Assets
Prepaid Expenses and Other Assets	6. Prepaid Expenses and Other Assets Prepaid expenses and other current assets consist of the following: March 31, December 31, 2024 2023 (in thousands) Prepaid insurance $ 258 $ 319 Recoupable deposits and other 621 602 $ 879 $ 921

Value Added Tax Receivable, Net

Value Added Tax Receivable, Net	3 Months Ended
Value Added Tax Receivable, Net	Mar. 31, 2024
Value Added Tax Receivable, Net
Value Added Tax Receivable, Net	7. Value Added Tax Receivable, Net At March 31, 2024, the Company recorded a net VAT paid in Mexico of $1.1 million related to the Velardeña Properties and the Rodeo operation, as a recoverable asset, which appears in Value added tax receivable, net The Company has also paid VAT in other countries, primarily related to exploration projects, which has been charged to expense as incurred because of the uncertainty of recoverability.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
Property, Plant and Equipment, Net	Mar. 31, 2024
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net	8. Property, Plant and Equipment, Net March 31, December 31, 2024 2023 (in thousands) Exploration properties $ 2,418 $ 2,418 Royalty properties 200 200 Buildings 2,520 2,520 Mining equipment and machinery 2,069 2,089 Other furniture and equipment 924 924 8,131 8,151 Less: Accumulated depreciation and amortization (5,373) (5,362) $ 2,758 $ 2,789 El Quevar Earn-In Agreement On April 9, 2020, we entered into an earn-in agreement with Barrick (the “Earn-In Agreement”), pursuant to which Barrick acquired an option to earn a 70% interest in the Company’s El Quevar project located in the Salta Province of Argentina. As of December 31, 2021, Barrick had met the $1 million in work expenditures that would permit them to withdraw from the Earn-in Agreement. In March 2024, Barrick notified the Company that it was withdrawing from the Earn-In Agreement. The termination was effective on April 20, 2024 and the El Quevar project reverted back to full control of the Company.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	3 Months Ended
Accounts Payable and Other Accrued Liabilities	Mar. 31, 2024
Accounts Payable and Other Accrued Liabilities
Accounts Payable and Other Accrued Liabilities	9. Accounts Payable and Other Accrued Liabilities The Company’s accounts payable and other accrued liabilities consist of the following: March 31, December 31, 2024 2023 (in thousands) Accounts payable and accruals $ 3,843 $ 3,586 Accrued employee compensation and benefits 2,164 1,281 Income taxes payable (Note 13) 32 32 $ 6,039 $ 4,899

Asset Retirement and Reclamatio

Asset Retirement and Reclamation Liabilities	3 Months Ended
Asset Retirement and Reclamation Liabilities	Mar. 31, 2024
Asset Retirement and Reclamation Liabilities
Asset Retirement and Reclamation Liabilities	10. Asset Retirement and Reclamation Liabilities The Company has detailed closure plans for reclamation activity at the Rodeo Property. The Company stopped mining at the Rodeo Property in June 2023 and has up to three years to begin reclamation activities. The Company will continue to accrue additional estimated asset retirement obligation “ARO” amounts based on the closure plan and as activities requiring future reclamation and remediation occur. Asset retirement and reclamation liabilities consist of the following: March 31, December 31, 2024 2023 (in thousands) Current asset retirement and reclamation liabilities $ 150 $ 150 Non-current asset retirement and reclamation liabilities 306 306 $ 456 $ 456 Current asset retirement and reclamation liabilities is included in Other current liabilities The following table presents the changes in the Company’s asset retirement and reclamation liabilities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Balance at January 1, $ 456 $ 456 Changes in estimates, and other — — Accretion expense — — Balance at March 31, $ 456 $ 456

Other Liabilities

Other Liabilities	3 Months Ended
Other Liabilities	Mar. 31, 2024
Other Liabilities
Other Liabilities	11. Other Liabilities Other Current Liabilities March 31, December 31, 2024 2023 (in thousands) Premium financing $ 153 $ 269 Operating lease liability 89 105 Litigation accrual (Note 16) 113 250 Current asset retirement and reclamation liabilities 150 150 $ 505 $ 774 Other Long-Term Liabilities The following table sets forth the Company’s other long-term liabilities: March 31, December 31, 2024 2023 (in thousands) Operating lease liability $ — $ 10 Deposits and other 19 18 $ 19 $ 28

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Measurements
Fair Value Measurements	12. Fair Value Measurements Financial assets and liabilities and nonfinancial assets and liabilities are measured at fair value on a recurring basis under a framework of a fair value hierarchy that prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to quoted prices (unadjusted) in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy per ASC Topic 820 are as follows: Level 1: Level 2: Level 3: The following table summarizes the Company’s financial assets and liabilities measured on a recurring basis at fair value by respective level of the fair value hierarchy: Level 1 Level 2 Level 3 Total (in thousands) At March 31, 2024 Assets: Cash and cash equivalents $ 2,435 $ — $ — $ 2,435 $ 2,435 $ — $ — $ 2,435 At December 31, 2023 Assets: Cash and cash equivalents $ 3,766 $ — $ — $ 3,766 Short-term investments 11 — — 11 $ 3,777 $ — $ — $ 3,777 The Company’s cash equivalents, comprised principally of U.S. treasury securities, are classified within Level 1 of the fair value hierarchy. The Company’s short-term investments consist of 200,000 shares of common stock of Fabled and 20,000 shares of Fabled Copper Corp. and are classified within Level 1 of the fair value hierarchy. At March 31, 2024 and December 31, 2023, the Company did not have any financial assets or liabilities classified within Level 2 or Level 3 of the fair value hierarchy.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Taxes
Income Taxes	13. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, Income Taxes In accordance with ASC 740, the Company presents deferred tax assets net of its deferred tax liabilities on a tax jurisdictional basis on its interim Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the Company had no deferred tax assets and no deferred tax liability on the interim Condensed Consolidated Balance Sheets due to a valuation allowance offsetting the net deferred tax assets of the Company. The Company, a Delaware corporation, and its subsidiaries file tax returns in the United States and in various foreign jurisdictions. The tax rules and regulations in these countries are highly complex and subject to interpretation. The Company’s income tax returns are subject to examination by the relevant taxing authorities and in connection with such examinations, disputes can arise with the taxing authorities over the interpretation or application of certain tax rules within the country involved. In accordance with ASC 740, the Company identifies and evaluates uncertain tax positions, and recognizes the impact of uncertain tax positions for which there is less than a more-likely-than-not probability of the position being upheld upon review by the relevant taxing authority. Such positions are deemed to be “unrecognized tax benefits,” which require additional disclosure and recognition of a liability within the financial statements. The Company had no unrecognized tax benefits at March 31, 2024 or December 31, 2023.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity
Equity	14. Equity On May 26, 2023, the Company’s Board of Directors approved a reverse stock split of the common stock, par value $0.01 per share, of the Company at a ratio of one-for- 25 Basis of Preparation of Financial Statements and Nature of Operations June 2023 Offering and Private Placement Transaction On June 26, 2023, the Company entered into a Securities Purchase Agreement with certain institutional investors providing for the issuance and sale by the Company in a registered direct offering (the “June 2023 Offering”) of an aggregate of 790,000 shares of the Company’s common stock at a purchase price of $1.45 per share and pre-funded warrants exercisable for up to 637,587 shares of the Company’s common stock (the “June 2023 Pre-Funded Warrants”) at a purchase price of $1.4499 per June 2023 Pre-Funded Warrant. In a concurrent private placement (the “June 2023 Private Placement” and, together with the June 2023 Offering, the “June 2023 Transactions”), the Company agreed to issue warrants to purchase up to 1,427,587 shares of the Company’s common stock at an exercise price of $1.90 (the “June 2023 Warrants”). The aggregate net proceeds from the June 2023 Transactions were approximately $1.9 million. See – Common Stock Warrants November 2023 Public Offering On November 6, 2023, the Company entered into a Securities Purchase Agreement with certain institutional investors providing for the issuance and sale by the Company in a public offering (the “November 2023 Offering”) of (i) an aggregate of 4,712,488 shares of the Company’s common stock, par value $0.01 per share (the “Common Shares”) (the “Initial Shares”); (ii) Series A common warrants (the “November 2023 Series A Warrants”) to purchase 6,000,000 Common Shares; (iii) Series B warrants (the “November 2023 Series B Warrants”) to purchase 3,000,000 Common Shares; (iv) pre-funded warrants (the “November 2023 Pre-Funded Warrants”) to purchase 1,287,512 Common Shares for aggregate net proceeds from the November 2023 Offering of approximately $3.8 million. During the quarter ended March 31, 2024, the 488,572 November 2023 Pre-Funded Warrants were exercised for net proceeds of $48.86; 798,940 of these warrants were exercised in the fourth quarter 2023 for net proceeds of $70.89. See – Common Stock Warrants At-the-Market Offering Agreement During the three months ended March 31, 2024, the Company did not sell any shares of common stock under the At-the-Market-Offering-Agreement Program (“ATM Program”) ATM Program. During the three months ended March 31, 2023, the Company sold an aggregate of 109,999 shares of common stock under the ATM Program at an average price of $6.64 per share of common stock for net proceeds, after commissions and fees, of approximately $701,000. There were no deferred ATM Program costs amortized during the three months ended March 31, 2024. Approximately $23,000 of deferred ATM Program costs were amortized during the three months ended March 31, 2023. At March 31, 2024 and December 31, 2023, there was no remaining balance of deferred ATM Program costs, recorded in Prepaid expenses and other assets As of March 31, 2024 the ATM Program was no longer in effect as the 2020 Registration Statement filed on Form S-3 filed with SEC on October 1, 2020 expired on October 1, 2023. Equity Incentive Plans Restricted Stock Grants The following table summarizes the status and activity of the Company’s restricted stock grants at March 31, 2024 and 2023, and the changes during the three months then ended: Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Restricted Stock Grants Shares Per Share Shares Per Share Outstanding at beginning of period 5,800 $ 8.89 19,800 $ 10.95 Granted during the period — — — — Restrictions lifted during the period — — (1,333) 11.15 Forfeited during the period — — — — Outstanding at end of period 5,800 $ 8.89 18,467 $ 10.94 Restricted Stock Units The following table summarizes the status and activity of the Company’s restricted stock units at March 31, 2024 and 2023, and the changes during the three months then ended: Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Restricted Stock Units Shares Per Share Shares Per Share Outstanding at beginning of period 272,409 $ 13.09 232,409 $ 15.06 Granted during the period — — — — Shares issued during the period — — — — Forfeited during the period — — — — Outstanding at end of period 272,409 $ 13.09 232,409 $ 15.06 Key Employee Long-Term Incentive Plan There were 168,000 Key Employee Long Term Incentive Plan (“KELTIP”) Units outstanding at March 31, 2024 and December 31, 2023, respectively. There were 188,000 KELTIP Units outstanding at March 31, 2023 and December 31, 2022, respectively. Under the 2023 Equity Incentive Plan (“the 2023 Plan”), the Company discontinued the KELTIP and will no longer issue KELTIP Units. Stock-Based Compensation Stock-based compensation expense for the periods presented is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Restricted stock grants $ 12 $ 33 Restricted stock units 58 117 KELTIP units 3 39 $ 73 $ 189 Common Stock Warrants The following table summarizes the activity of the Company’s common stock warrants for the three months ended March 31, 2024 and March 31, 2023. Three Months Ended March 31, 2024 2023 Weighted Weighted Number of Average Number of Average Underlying Exercise Price Underlying Exercise Price Common Stock Warrants Shares Per Share Shares Share Outstanding at beginning of period 11,308,314 $ 1.09 392,155 $ 8.58 Granted during period — — — Exercised during period November 2023 Pre-Funded Warrants (488,572) 0.0001 — Expired during the period — — — Outstanding at end of period 10,819,742 $ 1.14 392,155 $ 8.58 The common stock warrants relate to prior registered offerings and private placements of the Company’s stock. Common stock warrants outstanding as of March 31, 2024 are as follows: Number of Exercise Common Stock Warrants Warrants Price Expiration Date July 2019 Series A Warrants 338,155 $ 8.75 January 17, 2025 April 2020 Series A Warrants 44,000 $ 7.50 October 22, 2025 April 2020 Series B Warrants 10,000 $ 7.50 October 22, 2025 June 2023 Warrants 1,427,587 $ 1.90 December 26, 2028 November 2023 Series A Warrants 6,000,000 $ 0.70 November 6, 2028 November 2023 Series B Warrants 3,000,000 $ 0.70 May 6, 2025 10,819,742 All outstanding common stock warrants are recorded in equity at March 31, 2024 and December 31, 2023, following the guidance established by ASC Topic 815-40. The Company’s common stock warrants allow for potential settlement in cash if certain extraordinary events are effected by the Company, including a 50% or greater change of control in the Company’s common stock. Since those events have been deemed to be within the Company’s control, the Company continues to apply equity treatment for these common stock warrants.

Sale of Metals and Related Cost

Sale of Metals and Related Costs	3 Months Ended
Sale of Metals and Related Costs	Mar. 31, 2024
Sale of Metals and Related Costs
Sale of Metals and Related Costs	15. Sale of Metals and Related Costs The Company derives its revenue from the sale of doré, concentrates, and slag. The following table presents the Company’s net sales for each period presented (see Note 3): Three Months Ended March 31, 2024 2023 (in thousands) Doré sales $ — $ 4,251 Concentrate sales — — Slag and other sales — 82 Total revenue — 4,333 Less: Treatment, refining and shipping costs — (116) Total revenue, net $ — $ 4,217

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies During April 2021, the Company became aware of a lawsuit in Mexico against one of the Company’s Mexican subsidiaries, Minera William, S.A. de C.V. (“Minera William”). The plaintiff in the matter is Unifin Financiera, S.A.B de C.V. (“Unifin”). The lawsuit was assigned to the Fifth Specialized Commercial District Court. In November 2022, the Company was formally served with the complaint in connection with the lawsuit and in December 2022 the Company filed its answer to the complaint. As a preemptive measure, Unifin obtained a preliminary court order freezing Minera William’s bank accounts in Mexico, which limited the Company’s and Minera William’s ability to access approximately US$153,000 according to current currency exchange rates. The Company and Unifin agreed to settle the dispute in late 2023. An accrued liability was recorded for the settlement amount of $250,000 as of December 31, 2023 and for $113,000 as of March 31, 2024. During the first quarter of 2024, the Court unfroze the Minera William bank accounts and the bank remitted the funds to Unifin as per the settlement agreement. Subsequent to March 31, 2024, the Company paid Unifin the remaining amount of the agreement upon settlement. The court published a writ subsequent to March 31, 2024 stating that the parties had complied with the settlement agreement and declared that Unifin has withdrawn the lawsuit against Minera William (see Notes 11 and 19). The Company also has certain purchase and lease commitments as set forth in the Company’s 2023 Annual Report.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Information
Segment Information	17. Segment Information The Company’s sole activity is the mining, construction and exploration of mineral properties containing precious metals. The Company’s reportable segments are based on the Company’s revenue-producing activities and cash-consuming activities. The Company reports two segments, one for its revenue-producing activities in Mexico, which includes the Rodeo Property, and the other comprised of non-revenue-producing activities, including exploration, construction and general and administrative activities. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. As described in Note 3, the Company’s Velardeña Properties met the criteria to be reported as discontinued operations during the first quarter of 2024. As such, the results of operations for this business are excluded from the Mexico Operations segment in the table below, which only reflects continuing operations, for all periods presented. Assets held for sale are included below in the total assets for the Corporate, Exploration and Other segment. The financial information relating to the Company’s segments is as follows: Exploration, El Costs Depreciation, Quevar, Velardeña Three Months Ended Applicable Depletion and and Administrative Capital March 31, 2024 Revenue to Sales Amortization Expense Pre-Tax Loss Total Assets Expenditures Mexico Operations $ — $ — $ 22 $ 355 $ 442 $ 2,904 $ — Corporate, Exploration and Other — — 1 1,297 1,305 8,451 — Consolidated $ — $ — $ 23 $ 1,652 $ 1,747 $ 11,355 $ — Three Months Ended March 31, 2023 Mexico Operations $ 4,217 $ 4,046 $ — $ 929 $ 769 $ 4,781 $ — Corporate, Exploration and Other — — 4 1,892 2,041 10,129 — Consolidated $ 4,217 $ 4,046 $ 4 $ 2,821 $ 2,810 $ 14,910 $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions
Related Party Transactions	18. Related Party Transactions The following sets forth information regarding transactions between the Company (and its subsidiaries) and its officers, directors and significant stockholders. Administrative Services, Lease of Equipment: Beginning in August 2016, the Company began providing limited accounting and other administrative services to Minera Indé, an indirect subsidiary of The Sentient Group (“Sentient”). Sentient, through the Sentient executive funds, holds approximately 11% of the Company’s 14.1 million shares of issued and outstanding Exploration expense

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events
Subsequent Events	19. Subsequent Events Unifin Litigation Subsequent to March 31, 2024, the Company paid Unifin the balance owed to them per the settlement agreement. Unifin and Minera William requested the Court to rule on Unifin’s withdrawal of its lawsuit against Minera William. The Judge ruled that Minera William fulfilled the payment obligation of the settlement agreement. On April 30, 2024, the Court published a writ stating that the parties complied with the settlement agreement and declared that Unifin has withdrawn the lawsuit against Minera William (see Notes 5, 11 and 16). Asset Sale Agreement Subsequent to March 31, 2024, the Company entered into certain asset purchase and sale agreements with a privately held Mexican company. Pursuant to the terms of the sale agreements, Minera William and Minera Labri agreed to sell certain mining concessions, equipment, land parcels and other assets in exchange for an aggregate purchase price of $5.5 million in cash, plus VAT. The assets being sold include the Velardeña and Chicago mines, both oxide and sulfide processing plants and related equipment. Pursuant to the terms of the sales agreements (i) on April 29, 2024, the buyer paid a non-refundable advance payment of $1.0 million in cash to the Company; (ii) on May 20, 2024, the buyer shall pay $2.0 million in cash, plus VAT (including VAT on the advance payment), to the Company; and (iii) on July 1, 2024, the buyer shall pay $2.5 million in cash, plus VAT, to the Company (see Note 3).

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operations (Tables)	3 Months Ended
Assets Held for Sale and Discontinued Operations (Tables)	Mar. 31, 2024
Assets Held for Sale and Discontinued Operations
Schedule of disclosure of discontinued operation	Three Months Ended March 31, 2024 2023 (in thousands) Sale of metals $ 1,225 $ — Cost of metals sold (2,924) — Velardeña care and maintenance costs — (247) Reclamation expense (75) (73) Other operating income 241 10 Severance and termination benefits (1,190) — Depreciation and amortization (95) (95) Loss from discontinued operations before income taxes (2,818) (405) Income taxes — (51) Loss from discontinued operations, net of taxes $ (2,818) $ (456) March 31, December 31, 2024 2023 (in thousands) Assets Inventories, net $ 497 $ 830 Total current assets held for sale 497 830 Property, plant and equipment, net 2,915 3,032 Total assets held for sale $ 3,412 $ 3,862 Liabilities Asset retirement and reclamation liabilities 3,865 3,790 Total liabilities held for sale $ 3,865 $ 3,790

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets (Tables)	3 Months Ended
Prepaid Expenses and Other Assets (Tables)	Mar. 31, 2024
Prepaid Expenses and Other Assets
Schedule of prepaid expenses and other current assets	March 31, December 31, 2024 2023 (in thousands) Prepaid insurance $ 258 $ 319 Recoupable deposits and other 621 602 $ 879 $ 921

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
Property, Plant and Equipment, Net (Tables)	Mar. 31, 2024
Property, Plant and Equipment, Net
Schedule of components of property, plant and equipment	March 31, December 31, 2024 2023 (in thousands) Exploration properties $ 2,418 $ 2,418 Royalty properties 200 200 Buildings 2,520 2,520 Mining equipment and machinery 2,069 2,089 Other furniture and equipment 924 924 8,131 8,151 Less: Accumulated depreciation and amortization (5,373) (5,362) $ 2,758 $ 2,789

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	3 Months Ended
Accounts Payable and Other Accrued Liabilities (Tables)	Mar. 31, 2024
Accounts Payable and Other Accrued Liabilities
Schedule of accounts payable and other accrued liabilities	March 31, December 31, 2024 2023 (in thousands) Accounts payable and accruals $ 3,843 $ 3,586 Accrued employee compensation and benefits 2,164 1,281 Income taxes payable (Note 13) 32 32 $ 6,039 $ 4,899

Asset Retirement and Reclamat_2

Asset Retirement and Reclamation Liabilities (Tables)	3 Months Ended
Asset Retirement and Reclamation Liabilities (Tables)	Mar. 31, 2024
Asset Retirement and Reclamation Liabilities
Schedule of asset retirement obligations	March 31, December 31, 2024 2023 (in thousands) Current asset retirement and reclamation liabilities $ 150 $ 150 Non-current asset retirement and reclamation liabilities 306 306 $ 456 $ 456
Summary of activity in the Velardena Properties ARO	Three Months Ended March 31, 2024 2023 (in thousands) Balance at January 1, $ 456 $ 456 Changes in estimates, and other — — Accretion expense — — Balance at March 31, $ 456 $ 456

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
Other Liabilities (Tables)	Mar. 31, 2024
Other Liabilities.
Schedule of other current liabilities	March 31, December 31, 2024 2023 (in thousands) Premium financing $ 153 $ 269 Operating lease liability 89 105 Litigation accrual (Note 16) 113 250 Current asset retirement and reclamation liabilities 150 150 $ 505 $ 774
Schedule of other long-term liabilities	March 31, December 31, 2024 2023 (in thousands) Operating lease liability $ — $ 10 Deposits and other 19 18 $ 19 $ 28

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Measurements
Schedule of financial assets and liabilities at fair value by respective level of the fair value hierarchy	Level 1 Level 2 Level 3 Total (in thousands) At March 31, 2024 Assets: Cash and cash equivalents $ 2,435 $ — $ — $ 2,435 $ 2,435 $ — $ — $ 2,435 At December 31, 2023 Assets: Cash and cash equivalents $ 3,766 $ — $ — $ 3,766 Short-term investments 11 — — 11 $ 3,777 $ — $ — $ 3,777

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2024
Equity
Schedule of status of the restricted stock grants	Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Restricted Stock Grants Shares Per Share Shares Per Share Outstanding at beginning of period 5,800 $ 8.89 19,800 $ 10.95 Granted during the period — — — — Restrictions lifted during the period — — (1,333) 11.15 Forfeited during the period — — — — Outstanding at end of period 5,800 $ 8.89 18,467 $ 10.94
Schedule of restricted stock units	Three Months Ended March 31, 2024 2023 Weighted Weighted Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Restricted Stock Units Shares Per Share Shares Per Share Outstanding at beginning of period 272,409 $ 13.09 232,409 $ 15.06 Granted during the period — — — — Shares issued during the period — — — — Forfeited during the period — — — — Outstanding at end of period 272,409 $ 13.09 232,409 $ 15.06
Schedule of stock-based compensation	Three Months Ended March 31, 2024 2023 (in thousands) Restricted stock grants $ 12 $ 33 Restricted stock units 58 117 KELTIP units 3 39 $ 73 $ 189
Summary of the status of the Company's common stock warrants	Three Months Ended March 31, 2024 2023 Weighted Weighted Number of Average Number of Average Underlying Exercise Price Underlying Exercise Price Common Stock Warrants Shares Per Share Shares Share Outstanding at beginning of period 11,308,314 $ 1.09 392,155 $ 8.58 Granted during period — — — Exercised during period November 2023 Pre-Funded Warrants (488,572) 0.0001 — Expired during the period — — — Outstanding at end of period 10,819,742 $ 1.14 392,155 $ 8.58 Number of Exercise Common Stock Warrants Warrants Price Expiration Date July 2019 Series A Warrants 338,155 $ 8.75 January 17, 2025 April 2020 Series A Warrants 44,000 $ 7.50 October 22, 2025 April 2020 Series B Warrants 10,000 $ 7.50 October 22, 2025 June 2023 Warrants 1,427,587 $ 1.90 December 26, 2028 November 2023 Series A Warrants 6,000,000 $ 0.70 November 6, 2028 November 2023 Series B Warrants 3,000,000 $ 0.70 May 6, 2025 10,819,742

Sale of Metals and Related Co_2

Sale of Metals and Related Costs (Tables)	3 Months Ended
Sale of Metals and Related Costs (Tables)	Mar. 31, 2024
Sale of Metals and Related Costs
Schedule of revenue	Three Months Ended March 31, 2024 2023 (in thousands) Doré sales $ — $ 4,251 Concentrate sales — — Slag and other sales — 82 Total revenue — 4,333 Less: Treatment, refining and shipping costs — (116) Total revenue, net $ — $ 4,217

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Information
Schedule of financial information relating to discontinued operations and continuing operations	Exploration, El Costs Depreciation, Quevar, Velardeña Three Months Ended Applicable Depletion and and Administrative Capital March 31, 2024 Revenue to Sales Amortization Expense Pre-Tax Loss Total Assets Expenditures Mexico Operations $ — $ — $ 22 $ 355 $ 442 $ 2,904 $ — Corporate, Exploration and Other — — 1 1,297 1,305 8,451 — Consolidated $ — $ — $ 23 $ 1,652 $ 1,747 $ 11,355 $ — Three Months Ended March 31, 2023 Mexico Operations $ 4,217 $ 4,046 $ — $ 929 $ 769 $ 4,781 $ — Corporate, Exploration and Other — — 4 1,892 2,041 10,129 — Consolidated $ 4,217 $ 4,046 $ 4 $ 2,821 $ 2,810 $ 14,910 $ —

Basis of Preparation of Finan_2

Basis of Preparation of Financial Statements and Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2024 property
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of additional selected properties advanced in portfolio	11
Rodeo Property
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Investment ownership percentage	100%
Velardena Properties
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Investment ownership percentage	100%
El Quevar mining concessions
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Investment ownership percentage	100%

Basis of Preparation of Finan_3

Basis of Preparation of Financial Statements and Nature of Operations - Reverse Stock Split (Details)	Jun. 09, 2023 shares	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Jun. 08, 2023 shares	May 26, 2023 $ / shares
Basis of Preparation of Financial Statements and Nature of Operations
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01		$ 0.01
Reverse stock split	0.04
Common stock, shares authorized (in shares) \| shares	28,000,000	28,000,000	28,000,000	350,000,000

Liquidity, Capital Resources _2

Liquidity, Capital Resources and Going Concern (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2025	Jul. 01, 2024	May 20, 2024	Apr. 01, 2024	Dec. 31, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Current assets		$ 5,331						$ 8,714
Cash and cash equivalents		2,435						3,766
Current liabilities		6,544						5,673
Value added tax receivable		1,132						3,135
Proceeds from sale of assets		19	$ 4
Held for sale
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Aggregate purchase price		5,500
MEXICO
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Value added tax receivable		$ 1,100						$ 3,100
Subsequent Events
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Aggregate purchase price							$ 5,500
Proceeds from sale of assets	$ 1,000
Asset sale agreement, cash consideration receivable					$ 2,500	$ 2,000
Velardena Properties \| Subsequent Events \| Held for sale
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Initial cash consideration					$ 2,500
Scenario, Forecast \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amount of additional capital inflows				$ 6,000
Scenario, Forecast \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amount of additional capital inflows				$ 8,000

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Carrying amounts of major classes of assets included as part of discontinued operations
Total current assets held for sale	$ 497		$ 830
Held for sale
Major classes of line items constituting pretax profit of discontinued operations
Sale of metals	1,225
Cost of metals sold	(2,924)
Reclamation expense	(75)	$ (73)
Other operating income	241	10
Severance and termination benefits	(1,190)
Depreciation and amortization	(95)	(95)
Pretax gain on the disposal of discontinued operations	(2,818)	(405)
Income tax expense		(51)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	(2,818)	(456)
Carrying amounts of major classes of assets included as part of discontinued operations
Inventories, net	497		830
Total current assets held for sale	497		830
Property, plant and equipment, net	2,915		3,032
Total assets of the disposal group classified as held for sale in the condensed consolidated balance sheets	3,412		3,862
Carrying amounts of major classes of liabilities included as part of discontinued operations
Asset retirement and reclamation liabilities	3,865		3,790
Total liabilities of the disposal group classified as held for sale in the condensed consolidated balance sheets	$ 3,865		$ 3,790
Velardea mining concessions \| Held for sale
Major classes of line items constituting pretax profit of discontinued operations
Velardea care and maintenance costs		$ (247)

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Cash and Cash Equivalents (Details) - USD ($)	Apr. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents
Cash and cash equivalents		$ 2,435,000	$ 3,766,000
Cash and cash equivalent, frozen bank balance	$ 153,000		$ 153,000
Amount awarded to settle the lawsuit		$ 250,000

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Assets
Prepaid insurance	$ 258	$ 319
Recoupable deposits and other	621	602
Prepaid expenses and other assets	$ 879	$ 921

Value Added Tax Receivable, N_2

Value Added Tax Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Value added tax receivable	$ 1,132	$ 3,135
MEXICO
Value added tax receivable	1,100	3,100
VAT receivables offset against VAT payable	$ 700	$ 800

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 8,131		$ 8,151
Less: Accumulated depreciation and amortization	(5,373)		(5,362)
Property, plant and equipment, net	2,758		2,789
Depreciation and amortization	23	$ 4
Exploration properties
Property, Plant and Equipment, Net
Property, plant and equipment, gross	2,418		2,418
Royalty properties
Property, Plant and Equipment, Net
Property, plant and equipment, gross	200		200
Buildings
Property, Plant and Equipment, Net
Property, plant and equipment, gross	2,520		2,520
Mining equipment and machinery
Property, Plant and Equipment, Net
Property, plant and equipment, gross	2,069		2,089
Other furniture and equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 924		$ 924

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Disposals (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 09, 2020	Dec. 31, 2021
Property, Plant and Equipment, Net
Minimum work expenditures spend to withdraw agreement		$ 1
El Quevar mining concessions
Property, Plant and Equipment, Net
Ownership after transaction (as a percent)	70%

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Other Accrued Liabilities
Accounts payable and accruals	$ 3,843	$ 3,586
Accrued employee compensation and benefits	2,164	1,281
Income taxes payable (Note 13)	32	32
Accounts payable and other accrued liabilities	$ 6,039	$ 4,899

Asset Retirement and Reclamat_3

Asset Retirement and Reclamation Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Asset Retirement and Reclamation Liabilities
Maximum term available to begin reclamation activity	3 years
Current asset retirement and reclamation liabilities	$ 150		$ 150
Non-current asset retirement and reclamation liabilities	306		306
Total	456	$ 456	$ 456
Summary of activity in the Velardena Operations ARO
ARO, Beginning balance	456	456
Changes in estimates, and other	0	0
Accretion expense	0	0
ARO, Ending balance	$ 456	$ 456

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities
Premium financing	$ 153	$ 269
Operating lease liability	89	105
Litigation accrual (Note 16)	113	250
Current asset retirement and reclamation liabilities	150	150
Other current liabilities	505	774
Operating lease liability		10
Deposits and other	19	18
Other Long-Term Liabilities	$ 19	$ 28

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair value measurements
Changes in estimates, and other	$ 0	$ 0
Fabled Copper Corp. \| Sale, not discontinued operations \| Binding Letter of Intent Agreement
Fair value Assumptions
Consideration received in shares \| shares	200,000
Level 1 \| Fabled Copper Corp. \| Binding Letter of Intent Agreement
Fair value Assumptions
Investment shares held (in shares)			20,000
Fair Value, Measurements, Recurring
Fair value measurements
Cash and cash equivalents	$ 2,435		$ 3,766
Accounts receivable			11
Assets	2,435		3,777
Fair Value, Measurements, Recurring \| Level 1
Fair value measurements
Cash and cash equivalents	2,435		3,766
Accounts receivable			11
Assets	$ 2,435		$ 3,777

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Income Taxes
Current tax expense	$ 0
Net deferred tax assets	0	$ 0
Net deferred tax liabilities	0	0
Unrecognized tax benefits	$ 0	$ 0

Equity - Offering and Private P

Equity - Offering and Private Placement Transaction (Details)				3 Months Ended
	Nov. 06, 2023 USD ($) $ / shares shares	Jun. 26, 2023 USD ($) $ / shares shares	Jun. 09, 2023 shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Jun. 08, 2023 shares	May 26, 2023 $ / shares	Dec. 31, 2022 $ / shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split			0.04
Common stock, shares authorized (in shares) \| shares			28,000,000	28,000,000	28,000,000		350,000,000
Exercise price of warrants (in dollars per share)				$ 1.14	$ 1.09	$ 8.58			$ 8.58
Common stock, par value (in dollars per share)				0.01	0.01			$ 0.01
Purchase price				$ 1.14	$ 1.09	$ 8.58			$ 8.58
Proceeds from issuance of common stock, net of issuance costs \| $						$ 701,000
Amortization of deferred cost \| $						$ 23,000
November 2023 Pre-Funded Warrants
Subsidiary, Sale of Stock [Line Items]
Number of warrants exercised \| shares				488,572	798,940
Net proceeds \| $				$ 48.86	$ 70.89
Offering And Private Placement Transaction
Subsidiary, Sale of Stock [Line Items]
Net proceeds \| $		$ 1,900,000
June 2023 Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate number of common stock sold (Shares) \| shares		790,000
Purchase price (in dollars per shares)		$ 1.45
Warrants to purchase common stock \| shares		637,587
Purchase price per warrant		$ 1.4499
Sale price (in dollars per shares)		$ 1.45
November 2023 Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares to be sold \| shares	4,712,488
Common stock, par value (in dollars per share)	$ 0.01
Proceeds from issuance of common stock, net of issuance costs \| $	$ 3,800,000
November 2023 Offering \| Prefunded Warrants And Common Warrants November 2023
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock \| shares	1,287,512
November 2023 Offering \| Series A Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock \| shares	6,000,000
November 2023 Offering \| Series B Warrants [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock \| shares	3,000,000
June 2023 Private Placement
Subsidiary, Sale of Stock [Line Items]
Number of common shares which can be purchased with each warrant \| shares		1,427,587
Exercise price of warrants (in dollars per share)		$ 1.90
Purchase price		$ 1.90
ATM Agreement
Subsidiary, Sale of Stock [Line Items]
Aggregate number of common stock sold (Shares) \| shares				0		109,999
Purchase price (in dollars per shares)						$ 6.64
Sale price (in dollars per shares)						$ 6.64
Proceeds from issuance of common stock, net of issuance costs \| $						$ 701,000
Amortization of deferred cost \| $				$ 0
Unamortized deferred cost \| $				$ 0	$ 0

Equity - Equity Incentive Plans

Equity - Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Grant Date Fair Value Per Share - Non-option
Stock-based compensation expense	$ 73	$ 189
Restricted Stock
Number of Shares - Non-option
Outstanding at beginning of period (in shares)	5,800	19,800
Restrictions lifted during the period (in shares)		(1,333)
Outstanding at end of period (in shares)	5,800	18,467
Weighted Average Grant Date Fair Value Per Share - Non-option
Outstanding at beginning of year (in dollars per share)	$ 8.89	$ 10.95
Restrictions lifted during the period (in dollars per share)		11.15
Outstanding at end of year (in dollars per share)	$ 8.89	$ 10.94
Stock-based compensation expense	$ 12	$ 33
Restrictions lifted during the year (in shares)		1,333
Restricted Stock Units (RSUs)
Number of Shares - Non-option
Outstanding at beginning of period (in shares)	272,409	232,409
Outstanding at end of period (in shares)	272,409	232,409
Weighted Average Grant Date Fair Value Per Share - Non-option
Outstanding at beginning of year (in dollars per share)	$ 13.09	$ 15.06
Outstanding at end of year (in dollars per share)	$ 13.09	$ 15.06
Stock-based compensation expense	$ 58	$ 117
Units \| Officers
Number of Shares - Non-option
Outstanding at beginning of period (in shares)	188,000
Outstanding at end of period (in shares)	188,000
Weighted Average Grant Date Fair Value Per Share - Non-option
Stock-based compensation expense	$ 3	$ 39
Key Employee Long Term Incentive Plan [Member] \| Units \| Officers
Number of Shares - Non-option
Outstanding at beginning of period (in shares)	168,000
Outstanding at end of period (in shares)	168,000

Equity - Common Stock Warrants

Equity - Common Stock Warrants (Details) - $ / shares	3 Months Ended
Equity - Common Stock Warrants (Details) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Number of Underlying Shares
Outstanding, beginning balance (in shares)	11,308,314	392,155
Outstanding, end balance (in shares)	10,819,742	392,155
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in dollars per share)	$ 1.09	$ 8.58
Outstanding, end balance (in dollars per share)	$ 1.14	$ 8.58
November 2023 Pre-Funded Warrants
Number of Underlying Shares
Exercised during period (in shares)	(488,572)
Weighted Average Exercise Price Per Share
Exercised during period (in dollar per share)	$ 0.0001

Equity - Common stock warrant_2

Equity - Common stock warrants outstanding (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	10,819,742	11,308,314	392,155	392,155
Exercise price of warrants (in dollars per share)	$ 1.14	$ 1.09	$ 8.58	$ 8.58
July 2019 Series A warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	338,155
Exercise price of warrants (in dollars per share)	$ 8.75
April 2020 Series A warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	44,000
Exercise price of warrants (in dollars per share)	$ 7.50
April 2020 Series B warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	10,000
Exercise price of warrants (in dollars per share)	$ 7.50
June 2023 warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,427,587
Exercise price of warrants (in dollars per share)	$ 1.90
November 2023 Series A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	6,000,000
Exercise price of warrants (in dollars per share)	$ 0.70
November 2023 Series B Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	3,000,000
Exercise price of warrants (in dollars per share)	$ 0.70

Sale of Metals and Related Co_3

Sale of Metals and Related Costs (Details) $ in Thousands	3 Months Ended
Sale of Metals and Related Costs (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Sale of Metals and Related Costs
Total revenue	$ 4,333
Less: Treatment, refining and shipping costs	(116)
Total revenue, net	4,217
Dor Sales
Sale of Metals and Related Costs
Total revenue	4,251
Slag and other Sales
Sale of Metals and Related Costs
Total revenue	$ 82

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Apr. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Contingencies
Cash and cash equivalent, frozen bank balance	$ 153,000		$ 153,000
Amount awarded to settle the lawsuit		$ 250,000
Accrued liability		113,000	250,000
Potential Lawsuit From Unifin Financiera \| Threatened Litigation
Contingencies
Accrued liability		$ 113,000	$ 250,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Information
Number of reportable segments \| segment	2
Revenue		$ 4,217
Costs Applicable to Sales		4,046
Depreciation and amortization	$ 23	4
Exploration, El Quevar, Velardena and Administrative Expense	1,652	2,821
Pre-Tax Income/(Loss)	1,747	2,810
Total Assets	$ 11,355	14,910	$ 14,910
Mexico Operations
Segment Information
Number of reportable segments \| segment	1
Revenue		4,217
Costs Applicable to Sales		4,046
Depreciation and amortization	$ 22
Exploration, El Quevar, Velardena and Administrative Expense	355	929
Pre-Tax Income/(Loss)	442	769
Total Assets	2,904	4,781
Corporate, Exploration and Other
Segment Information
Depreciation and amortization	1	4
Exploration, El Quevar, Velardena and Administrative Expense	1,297	1,892
Pre-Tax Income/(Loss)	1,305	2,041
Total Assets	$ 8,451	$ 10,129

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Minera Inde
Related Party Transaction
Monthly charges received	$ 15,000
Other operating income	$ 45,000	$ 72,000
Sentient Loan \| The Sentient Group
Related Party Transaction
Ownership (as a percent)	11%
Shares issued	14.1
Shares outstanding	8.6

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Jul. 01, 2024	May 20, 2024	Apr. 01, 2024
Subsequent Events
Non-refundable advance payment		$ 19	$ 4
Held for sale
Subsequent Events
Aggregate purchase price		$ 5,500
Subsequent Events
Subsequent Events
Aggregate purchase price						$ 5,500
Non-refundable advance payment	$ 1,000
Advance payment including VAT				$ 2,500	$ 2,000
Subsequent Events \| Velardena Properties \| Held for sale
Subsequent Events
Initial cash consideration				$ 2,500

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,565)	$ (3,266)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false