Gold Resource (GORO) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34857
Entity Registrant Name	Gold Resource Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-1473173
Entity Address, Address Line One	7900 E. Union Ave
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	320-7708
Title of 12(b) Security	Common Stock
Trading Symbol	GORO
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		95,324,949
Entity Central Index Key	0001160791
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,352	$ 6,254
Accounts receivable, net	5,413	4,335
Inventories, net	7,824	9,294
Prepaid expenses and other current assets	7,383	6,612
Total current assets	21,972	26,495
Property, plant, and mine development, net	130,888	138,626
Deferred tax assets, net	239	13,301
Other non-current assets	2,347	5,464
Total assets	155,446	183,886
Current liabilities:
Accounts payable	12,374	7,614
Mining royalty taxes payable, net	159	1,199
Accrued expenses and other current liabilities	3,346	2,512
Total current liabilities	15,879	11,325
Reclamation and remediation liabilities	10,681	11,795
Gold and silver stream agreements liability	51,288	44,932
Deferred tax liabilities, net	14,922	14,077
Contingent consideration	3,336	3,548
Other non-current liabilities	2,031	1,516
Total liabilities	98,137	87,193
Commitments and contingencies
Shareholders' equity:
Common stock - $0.001 par value, 200,000,000 shares authorized: 93,523,028 and 88,694,038 shares outstanding at September 30, 2024 and December 31, 2023, respectively	94	89
Additional paid-in capital	114,831	111,970
Accumulated deficit	(50,561)	(8,311)
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	57,309	96,693
Total liabilities and shareholders' equity	$ 155,446	$ 183,886

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	93,523,028	88,694,038
Common stock, shares outstanding	93,523,028	88,694,038
Treasury stock, shares	336,398	336,398

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales, net	$ 13,272	$ 20,552	$ 52,756	$ 76,587
Cost of sales:
Production costs	17,198	18,957	51,074	59,109
Depreciation and amortization	4,178	5,790	14,221	19,518
Reclamation and remediation	566	216	1,892	611
Total cost of sales	21,942	24,963	67,187	79,238
Mine gross loss	(8,670)	(4,411)	(14,431)	(2,651)
Costs and expenses:
General and administrative expenses	1,293	1,764	2,975	5,087
Exploration expenses	969	1,960	2,399	5,239
Stock-based compensation	203	(102)	647	502
Other expense, net	2,977	1,967	10,846	4,147
Total costs and expenses	5,442	5,589	16,867	14,975
Loss before income taxes	(14,112)	(10,000)	(31,298)	(17,626)
Income tax (benefit) provision	(3,617)	(2,659)	10,952	(4,666)
Net loss	$ (10,495)	$ (7,341)	$ (42,250)	$ (12,960)
Net loss per common share:
Basic net loss per common share	$ (0.11)	$ (0.08)	$ (0.46)	$ (0.15)
Diluted net loss per common share	$ (0.11)	$ (0.08)	$ (0.46)	$ (0.15)
Weighted average shares outstanding:
Basic (in shares)	93,279,750	88,499,327	91,005,507	88,458,276
Diluted (in shares)	93,279,750	88,499,327	91,005,507	88,458,276
Oaxaca, Mexico
Costs and expenses:
Exploration expenses	$ 767	$ 1,540	$ 1,850	$ 3,974
Michigan, USA
Costs and expenses:
Exploration expenses	$ 202	$ 420	$ 549	$ 1,265

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Treasury Stock	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2022	$ 89	$ 111,024	$ 7,706	$ (5,884)	$ (1,171)	$ 111,764
Balance (in shares) at Dec. 31, 2022	88,734,507
Stock-based compensation		672				672
Common stock issued for vested restricted stock units (in shares)	130,238
Issuance of stock, net of issuance costs		56				56
Issuance of stock, net of issuance costs (in shares)	130,199
Surrender of stock for taxes due on vesting		(18)				(18)
Surrender of stock for taxes due on vesting (in shares)	(30,181)
Net loss			(12,960)			(12,960)
Balance at Sep. 30, 2023	$ 89	111,734	(5,254)	(5,884)	(1,171)	99,514
Balance (in shares) at Sep. 30, 2023	88,964,763
Balance at Jun. 30, 2023	$ 89	111,580	2,087	(5,884)	(1,171)	106,701
Balance (in shares) at Jun. 30, 2023	88,804,940
Stock-based compensation		105				105
Common stock issued for vested restricted stock units (in shares)	41,668
Issuance of stock, net of issuance costs		56				56
Issuance of stock, net of issuance costs (in shares)	130,199
Surrender of stock for taxes due on vesting		(7)				(7)
Surrender of stock for taxes due on vesting (in shares)	(12,044)
Net loss			(7,341)			(7,341)
Balance at Sep. 30, 2023	$ 89	111,734	(5,254)	(5,884)	(1,171)	99,514
Balance (in shares) at Sep. 30, 2023	88,964,763
Balance at Dec. 31, 2023	$ 89	111,970	(8,311)	(5,884)	(1,171)	96,693
Balance (in shares) at Dec. 31, 2023	89,030,436
Stock-based compensation		463				463
Common stock issued for vested restricted stock units (in shares)	196,991
Issuance of stock, net of issuance costs	$ 5	2,429				2,434
Issuance of stock, net of issuance costs (in shares)	4,708,993
Surrender of stock for taxes due on vesting		(31)				(31)
Surrender of stock for taxes due on vesting (in shares)	(76,994)
Net loss			(42,250)			(42,250)
Balance at Sep. 30, 2024	$ 94	114,831	(50,561)	(5,884)	(1,171)	57,309
Balance (in shares) at Sep. 30, 2024	93,859,426
Balance at Jun. 30, 2024	$ 93	114,049	(40,066)	(5,884)	(1,171)	67,021
Balance (in shares) at Jun. 30, 2024	92,629,246
Stock-based compensation		184				184
Issuance of stock, net of issuance costs	$ 1	598				599
Issuance of stock, net of issuance costs (in shares)	1,230,180
Net loss			(10,495)			(10,495)
Balance at Sep. 30, 2024	$ 94	$ 114,831	$ (50,561)	$ (5,884)	$ (1,171)	$ 57,309
Balance (in shares) at Sep. 30, 2024	93,859,426

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - ATM Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock sold	1,230,180	130,199	4,708,993	130,199
Agreement for net proceeds	$ 0.6	$ 0.1	$ 2.4	$ 0.1

CONDENSED CONSOLIDATED INTERI_6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss			$ (42,250)	$ (12,960)
Adjustments to reconcile net loss to net cash used for operating activities:
Deferred income tax expense (benefit)			10,775	(5,520)
Depreciation and amortization			15,589	19,586
Stock-based compensation	$ 203	$ (102)	647	502
Interest on streaming liabilities	1,260	688	6,356	1,237
Other operating adjustments, net			4,446	1,210
Changes in operating assets and liabilities:
Accounts receivable			(1,078)	371
Inventories			1,185	1,580
Prepaid expenses and other current assets			(1,291)	300
Other non-current assets			(154)
Accounts payable and other accrued liabilities			4,937	(6,856)
Cash settled liability awards			(67)
Mining royalty and income taxes payable, net			(1,048)	(6,452)
Net cash used in operating activities			(1,953)	(7,002)
Cash flows from investing activities:
Capital expenditures			(6,353)	(9,751)
Proceeds from the sale of investment in Maritime			1,178
Net cash used in investing activities			(5,175)	(9,751)
Cash flows from financing activities:
Proceeds from the ATM sales, net of issuance costs			2,434	56
Other financing activities			(33)	(23)
Net cash provided by financing activities			2,401	33
Effect of exchange rate changes on cash and cash equivalents			(175)	(249)
Net decrease in cash and cash equivalents			(4,902)	(16,969)
Cash and cash equivalents at beginning of period			6,254	23,675	$ 23,675
Cash and cash equivalents at end of period	$ 1,352	$ 6,706	1,352	6,706	$ 6,254
Supplemental Cash Flow Information
Income and mining taxes paid			1,088	7,064
Non-cash investing or financing activities:
Value of common shares issued for RSU redemption			49	79
Balance of capital expenditures in accounts payable			385	$ 392
Balance Of Equipment Financing			$ 1,041

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	9 Months Ended
	Sep. 30, 2024
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements The Condensed Consolidated Interim Financial Statements (“interim financial statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules. However, the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements do not necessarily indicate the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K (the “2023 Annual Report”). The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the 2023 Annual Report. In the presentation, certain current liabilities in the Condensed Consolidated Interim Balance Sheet Condensed Consolidated Interim Statement of Cash Flows

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
New Accounting Pronouncements
New Accounting Pronouncements	2. New Accounting Pronouncements The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. The Company will retrospectively adopt the segment disclosures required under this amendment in the year ended December 31, 2024 financial statements. The Company does not expect any major impact of this update on its consolidated financial statements and disclosures. The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures in December 2023, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	3. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company’s financial position and operating results, along with the Company’s inability to achieve its production estimates, raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the net losses of $42.3 million for the nine months ended September 30, 2024 and the cash and cash equivalents balance of $1.4 million as of September 30, 2024. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is presently seeking financing to raise cash to provide for working capital. Failure to raise some form of long-term debt arrangement or additional equity capital will cause the Company to further reduce its working capital, and the Company may be compelled to place the mine on “care and maintenance” status and cease operations until sufficient capital is available. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate revenues, there can be no assurances that the revenue will be sufficient to enable it to achieve a level where it will generate profits and positive cash flows from operations.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue
Revenue	4. Revenue The Company derives its revenue mainly from the sale of concentrates. The following table presents the Company’s net sales for each period presented, disaggregated by source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Doré sales, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ - ​ $ 417 ​ $ 24 ​ $ 2,685 Silver ​ ​ - ​ ​ 19 ​ ​ 1 ​ ​ 120 Less: Refining charges ​ ​ - ​ ​ (3) ​ ​ (6) ​ ​ (45) Total doré sales, net ​ ​ - ​ ​ 433 ​ ​ 19 ​ ​ 2,760 Concentrate sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ ​ 3,416 ​ ​ 7,273 ​ ​ 17,173 ​ ​ 25,844 Silver ​ ​ 5,424 ​ ​ 4,900 ​ ​ 17,332 ​ ​ 18,082 Copper ​ ​ 917 ​ ​ 2,049 ​ ​ 5,099 ​ ​ 7,792 Lead ​ ​ 918 ​ ​ 2,060 ​ ​ 3,342 ​ ​ 7,807 Zinc ​ ​ 4,045 ​ ​ 6,283 ​ ​ 13,108 ​ ​ 23,762 Less: Treatment and refining charges ​ ​ (1,394) ​ ​ (2,785) ​ ​ (4,410) ​ ​ (9,255) Total concentrate sales, net ​ ​ 13,326 ​ ​ 19,780 ​ ​ 51,644 ​ ​ 74,032 Realized gain (loss) - embedded derivative, (1) ​ ​ 344 ​ ​ (633) ​ ​ 1,333 ​ ​ 249 Unrealized (loss) gain - embedded derivative, net ​ ​ (398) ​ ​ 972 ​ ​ (240) ​ ​ (454) Total sales, net ​ $ 13,272 ​ $ 20,552 ​ $ 52,756 ​ $ 76,587 (1) Copper, lead, and zinc are co-products. In the Realized gain (loss) - embedded derivative, net, there is $0.2 million gain and $0.5 million gain related to these co-products for the three and nine months ended September 30, 2024. There is $0.7 million loss and $0.4 million loss, respectively, in the Realized gain (loss) - embedded derivative, net, related to the co-products for the three and nine months ended September 30, 2023.

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2024
Inventories, net
Inventories, net	5. Inventories, net ​ At September 30, 2024 and December 31, 2023, inventories, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Stockpiles - underground mine ​ $ 327 ​ $ 534 Concentrates ​ ​ 928 ​ ​ 1,768 Doré, net ​ ​ 169 ​ ​ 169 Subtotal - product inventories ​ ​ 1,424 ​ ​ 2,471 Materials and supplies (1) ​ ​ 6,400 ​ ​ 6,823 Total ​ $ 7,824 ​ $ 9,294 ​ (1) Net of reserve for obsolescence of $0.5 million as of both September 30, 2024 and December 31, 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	6. Income Taxes The Company recorded an income tax benefit of $3.6 million and an income tax expense of $11.0 million, respectively, for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the Company recorded an income tax benefit of $2.7 million and $4.7 million, respectively. In accordance with applicable accounting rules, the interim provision for taxes is calculated using the estimated consolidated annual effective tax rate. The consolidated effective tax rate is a function of the combined effective tax rates for the jurisdictions in which the Company operates. Variations in the relative proportions of jurisdictional income could result in fluctuations to the Company’s consolidated effective tax rate. At the federal level, the Company’s income in the U.S. is taxed at 21%, and a 5% withholding tax applies to dividends received from Mexico. Income in Mexico is taxed at 37.5% (30% income tax and 7.5% mining tax), and Canada’s income is taxed at 26.5%, which results in a consolidated effective tax rate above statutory U.S. Federal rates. The U.S. and certain Canadian jurisdictions do not currently generate taxable income. Mexico Valuation Allowance The Company recorded a valuation allowance on the Mexico Income Tax net deferred tax assets in 2024 for $17.9 million. In accordance with applicable accounting rules, a valuation allowance is recorded when it is more likely than not that some portion of the deferred tax assets will not be realized, after considering all available evidence, both positive and negative. The Company determined a valuation allowance on Mexico Income Tax deferred tax assets was necessary due primarily to the recent losses at the Mexico mine. Mexico Mining Taxation Mining entities in Mexico are subject to two mining duties, in addition to the 30% Mexico corporate income tax: (i) a “special” mining duty of 7.5% of taxable income as defined under Mexican tax law (also referred to as “mining royalty tax”) on extraction activities performed by concession holders, and (ii) the “extraordinary” mining duty of 0.5% on gross revenue from the sale of gold, silver, and platinum. The mining royalty tax generally applies to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the mining royalty tax, there are no corporate deductions related to depreciable costs from operational fixed assets. However, prospecting and exploration expenses are amortized using a 10% rate in a 10-year straight line. Both duties are tax deductible for income tax purposes. As a result, the Company’s effective tax rate applicable to the Company’s Mexican operations is higher than Mexico’s statutory rate. The Company periodically transfers funds from its Mexican wholly owned subsidiary to the U.S. as dividends, which are subject to a 10% Mexico withholding tax, unless otherwise provided per a tax treaty. The current U.S.-Mexico tax treaty limits the dividend withholding tax between these countries to 5%, as long as specific requirements are met. Based on the Company’s understanding that it meets these requirements, the Company pays a 5% withholding tax on dividends paid from Mexico. The estimated annual effective tax rate reflects the impact of the planned annual transfers for 2024. In October 2023, the Company received a notification from the Mexican Tax Administration Services (“SAT”) with a sanction of 331 million pesos (approximately $17 million as of September 30, 2024) as the result of a 2015 tax audit that began in 2021. The 2015 tax audit performed by SAT encompassed various tax aspects, including but not limited to intercompany transactions, mining royalty tax, and extraordinary mining tax. Management is in process of disputing this tax notification and sent a letter of protest to the tax authorities along with providing all requested documentation. Management intends to pursue legal avenues of protest, including filing a lawsuit with the Mexico court system, if necessary, to ensure that these adjustments are removed. Management believes the position taken on the 2015 income tax return meets the more likely than not threshold and that as of September 30, 2024 and December 31, 2023, the Company has no liability for uncertain tax positions. If the Company were to determine there was an unrecognized tax benefit, the Company would recognize the liability and related interest and penalties within income tax (benefit) provision.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	7. Prepaid Expenses and Other Current Assets At September 30, 2024 and December 31, 2023, prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Advances to suppliers ​ $ 47 ​ $ 266 Prepaid insurance ​ ​ 1,757 ​ ​ 1,103 Prepaid income tax ​ ​ 3,965 ​ ​ 4,589 Other current assets ​ ​ 1,614 ​ ​ 654 Total ​ $ 7,383 ​ $ 6,612 ​ Prepaid income tax Mexican tax statutes specify that the current year tax prepayments be calculated based on a coefficient for prior year earnings, regardless of current year results. Starting in the third quarter of each year, these same statutes allow companies to request a reduction of the coefficient, which adjusts for losses experienced in the current year. During 2023, DDGM had to prepay approximately $76 million pesos ($4 million) despite of the losses for the year. In 2024, these overpayments can be used to offset the required 2024 tax prepayments, and as a result, no income tax payments are expected in 2024. Other current assets A value added (“IVA”) tax in Mexico is assessed on the sales of products and purchases of materials and services. Businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. Likewise, businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or credit to IVA tax payable. Amounts recorded as IVA taxes in the consolidated financial statements represent the net estimated IVA tax payable or receivable, since there is a legal right of offset of IVA taxes. As of September 30, 2024 and December 31, 2023, this resulted in an asset balance of $1.3 million and $0.4 million, respectively, included in Other current assets.

Property, Plant, and Mine Devel

Property, Plant, and Mine Development, net	9 Months Ended
	Sep. 30, 2024
Property, Plant, and Mine Development, net
Property, Plant, and Mine Development, net	8. Property, Plant, and Mine Development, net At September 30, 2024 and December 31, 2023, property, plant, and mine development, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Asset retirement costs (“ARO asset”) ​ $ 6,227 ​ $ 6,227 Construction-in-progress ​ ​ 1,147 ​ ​ 243 Furniture and office equipment ​ ​ 1,762 ​ ​ 1,781 Land ​ ​ 9,033 ​ ​ 9,033 Mineral interest ​ ​ 79,543 ​ ​ 79,543 Light vehicles and other mobile equipment ​ ​ 2,118 ​ ​ 2,126 Machinery and equipment ​ ​ 44,617 ​ ​ 42,887 Mill facilities and infrastructure ​ ​ 36,463 ​ ​ 36,396 Mine development ​ ​ 120,084 ​ ​ 115,230 Software and licenses ​ ​ 1,555 ​ ​ 1,554 Subtotal ​ ​ 302,549 ​ ​ 295,020 Accumulated depreciation and amortization ​ ​ (171,661) ​ ​ (156,394) Total ​ $ 130,888 ​ $ 138,626 ​ The Company recorded depreciation and amortization expense of $4.2 million and $14.2 million for the three and nine months ended September 30, 2024, respectively, and $5.8 million and $19.5 million, for the three and nine months ended September 30, 2023, respectively.

Other Non-current Assets

Other Non-current Assets	9 Months Ended
	Sep. 30, 2024
Other Non-current Assets
Other Non-current Assets	9. Other Non-current Assets At September 30, 2024 and December 31, 2023, other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Investment in Maritime ​ $ - ​ $ 1,596 Investment in Green Light Metals ​ ​ 2,265 ​ ​ 3,698 Other non-current assets ​ ​ 82 ​ ​ 170 Total ​ $ 2,347 ​ $ 5,464 ​ Investment in Maritime On September 22, 2022, the Company invested 2.4 million Canadian Dollar (“C$”) (or $1.7 million) in 47 million common shares of Maritime Resources Corp (“Maritime”); the shares purchased represented 9.9% of the issued Investment in Green Light Metals On December 28, 2022, the Company received 12.25 million common shares of Green Light Metals as a settlement for a promissory note receivable acquired with the Aquila Resources Inc. (“Aquila”) acquisition. This represented approximately 28.5% ownership in Green Light Metals at the time. As of September 30, 2024 and December 31, 2023, the fair value of this equity investment was $2.3 million and $3.7 million, respectively.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	10. Accrued Expenses and Other Liabilities At September 30, 2024 and December 31, 2023, accrued expenses and other liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Accrued royalty payments ​ $ 650 ​ $ 726 Accrual for short-term incentive plan ​ ​ 737 ​ ​ 764 Share-based compensation liability - current ​ ​ 89 ​ ​ 67 Equipment financing ​ ​ 1,041 ​ ​ - Employee profit sharing obligation ​ ​ 5 ​ ​ 67 Other payables ​ ​ 824 ​ ​ 888 Total accrued expenses and other current liabilities ​ $ 3,346 ​ $ 2,512 ​ ​ ​ ​ ​ ​ ​ Accrued non-current labor obligation ​ $ 1,609 ​ $ 1,167 Share-based compensation liability ​ ​ 415 ​ ​ 320 Other long-term liabilities ​ ​ 7 ​ ​ 29 Total other non-current liabilities ​ $ 2,031 ​ $ 1,516 ​

Gold and Silver Stream Agreemen

Gold and Silver Stream Agreements	9 Months Ended
	Sep. 30, 2024
Gold and Silver Stream Agreements
Gold and Silver Stream Agreements	11. Gold and Silver Stream Agreements The following table presents the Company’s liabilities related to the Company’s Gold and Silver Stream Agreements with Osisko Bermuda Limited (“OBL”), a wholly owned subsidiary of Osisko Gold Royalties Ltd (TSX & NYSE: OR), as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Liability related to the Gold Stream Agreement ​ $ 24,047 ​ $ 21,002 Liability related to the Silver Stream Agreement ​ ​ 27,241 ​ ​ 23,930 Total liability ​ $ 51,288 ​ $ 44,932 ​ Periodic interest expense is incurred based on an implied interest rate. The implied interest rate is determined based on the timing and probability of future production and a 6% discount rate. Interest expense is recorded to the Condensed Consolidated Interim Statements of Operations Condensed Consolidated Interim Balance Sheets. The stream agreements contain customary provisions regarding default and security. In the event that the Company defaults under the stream agreements, including by failing to achieve commercial production by an agreed upon date, it may be required to repay the deposit plus accumulated interest at a rate agreed with OBL. If the Company fails to do so, OBL may elect to enforce its remedies as a secured party and take possession of the assets that comprise the Back Forty Project. Gold Streaming Agreement In November 2017, Aquila entered into a stream agreement with OBL, pursuant to which OBL agreed to commit approximately $55 million to Aquila through a gold stream purchase agreement. In June 2020, Aquila amended its agreement with OBL, reducing the total committed amount to $50 million, as well as adjusting certain milestone dates under the gold stream to align with the current project development timeline. Aquila had received a total of $20 million of the committed funds at the time of the Company’s acquisition. Remaining deposits from OBL are $5 million upon receipt of permits required for the development and operation of the Back Forty Project and $25 million upon the first drawdown of an appropriate project debt finance facility. OBL has been provided a general security agreement over the Back Forty Project, which consists of the subsidiaries of Gold Resource Acquisition Sub. Inc., a 100% owned subsidiary of the Company. The initial term of the agreement is for 40 years, automatically renewable for successive ten-year periods. The agreement is subject to certain operating and financial covenants, which are in good standing as of September 30, 2024. In March 2024, the Company secured an amendment to the stream agreement that deferred the required completion of certain operational milestones related to permitting from 2024 to 2026. The $20 million received from OBL through September 30, 2024 is shown as a long-term liability on the Condensed Consolidated Interim Balance Sheets Condensed Consolidated Interim Balance Sheets. ​ Per the terms of the gold stream agreement, OBL will purchase 18.5% of the refined gold from Back Forty (the “Threshold Stream Percentage”) until the Company has delivered 105,000 ounces of gold (the “Production Threshold”). Upon satisfaction of the Production Threshold, the Threshold Stream Percentage will be reduced to 9.25% of the refined gold (the “Tail Stream”). In exchange for the refined gold delivered under the Stream Agreement, OBL will pay the Company ongoing payments equal to 30% of the spot price of gold on the day of delivery, subject to a maximum payment of $600 per ounce. Where the market price of gold is greater than the price paid, the difference realized from the sale of the gold will be applied against the deposit received from OBL. Please see Note 13—Commitments and Contingencies Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) . Silver Stream Agreement Through a series of contracts, Aquila executed a silver stream agreement with OBL to purchase 85% of the silver produced and sold at the Back Forty Project. A total of $17.2 million has been advanced under the agreement as of September 30, 2024. There are no future deposits remaining under the agreement. The initial term of the agreement is for 40 years, automatically renewable for successive ten-year periods. The agreement is subject to certain operating and financial covenants, which are in good standing as of September 30, 2024. In March 2024, the Company secured an amendment to the stream agreement that deferred the required completion of certain operational milestones related to permitting from 2024 to 2026. Per the terms of the silver stream agreement, OBL will purchase 85% of the silver produced from the Back Forty Project at a fixed price of $4 per ounce of silver. Where the market price of silver is greater than $4 per ounce, the difference realized from the sale of the silver will be applied against the deposit received from OBL. The $17.2 million received from OBL through September 30, 2024 is shown as a long-term liability on the Condensed Consolidated Interim Balance Sheets Note 13—Commitments and Contingencies Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited)

Reclamation and Remediation

Reclamation and Remediation	9 Months Ended
	Sep. 30, 2024
Reclamation and Remediation
Reclamation and Remediation	12. Reclamation and Remediation The following table presents the changes in reclamation and remediation obligations for the nine months ended September 30, 2024 and for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Reclamation liabilities – balance at beginning of period ​ $ 2,233 ​ $ 1,949 Foreign currency exchange (gain) loss ​ ​ (311) ​ ​ 284 Reclamation liabilities – balance at end of period ​ ​ 1,922 ​ ​ 2,233 ​ ​ ​ ​ ​ ​ ​ Asset retirement obligation – balance at beginning of period (1) ​ ​ 9,562 ​ ​ 8,417 Changes in estimate (1) ​ ​ - ​ ​ (1,221) Liability for Aquila drillhole capping ​ ​ - ​ ​ 404 Accretion ​ ​ 528 ​ ​ 689 Foreign currency exchange (gain) loss ​ ​ (1,331) ​ ​ 1,273 Asset retirement obligation – balance at end of period ​ ​ 8,759 ​ ​ 9,562 Total period end balance ​ $ 10,681 ​ $ 11,795 ​ (1) In 2023, the Company updated its closure plan study, which resulted in a $1.2 million decrease in the estimated liability and asset retirement costs. ​ The Company’s undiscounted reclamation liabilities of $ 1.9 million and $2.2 million as of September 30, 2024 and December 31, 2023, respectively, are related to DDGM. These represent reclamation liabilities that were expensed through 2013 before proven and probable reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of the Company’s property, plant, and mine development. The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in Property, Plant, and Mine Development, post-2013 development stage status, which are discounted using a credit adjusted risk-free rate of 8%. As of September 30, 2024 and December 31, 2023, the Company’s asset retirement obligation was $8.8 million and $9.6 million, respectively, primarily related to DDGM in Mexico.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	13. Commitments and Contingencies Commitments As of September 30, 2024 and December 31, 2023, the Company has equipment purchase commitments of $1.3 million and $0.8 million, respectively. Contingent Consideration With the Aquila acquisition, the Company assumed a contingent consideration. On December 30, 2013, Aquila’s shareholders approved the acquisition of 100% of the shares of HudBay Michigan Inc. (“HMI”), a subsidiary of HudBay Minerals Inc. (“HudBay”), effectively giving Aquila 100% ownership in the Back Forty Project (the “HMI Acquisition”). Pursuant to the HMI Acquisition, HudBay’s 51% interest in the Back Forty Project was acquired in consideration for the issuance of common shares of Aquila, future milestone payments tied to the development of the Back Forty Project and a 1% net smelter return royalty on production from certain land parcels in the project. The issuance of shares and 1% net smelter obligations were settled before the Company acquired Aquila. The contingent consideration is composed of the following: The value of future installments is based on C$9 million tied to the development of the Back Forty project as follows: a. C $3 million payable on completion of any form of financing for purposes including the commencement of construction of Back Forty, up to 50% of the C $3 million can be paid, at the Company’s option in Gold Resource Corporation shares with the balance payable in cash; b. C $2 million payable in cash 90 days after the commencement of commercial production; c. C $2 million payable in cash 270 days after the commencement of commercial production, and; a. C $2 million payable in cash 450 days after the commencement of commercial production. Initially, the Company intended to pay the first C$3 million in 2023 to prevent HudBay’s 51% buy-back option in the Back Forty Project. Management later decided that it was more likely than not that HudBay would not exercise its buy-back option, and consequently, this amount was not paid. Additionally, since financing of the project is not expected in 2024, this liability was reclassified to long-term. As of the end of January 2024, by the contractual deadline, HudBay did not exercise its buy-back option, and thus, it is forfeited. The total value of the contingent consideration as of September 30, 2024 and December 31, 2023 was $3.3 million and $3.5 million, respectively. The contingent consideration is adjusted for the time value of money and the likelihood of the milestone payments. Any future change in the value of the contingent consideration is recognized in other expense, net, in the Condensed Consolidated Interim Statements of Operations The following table shows the change in the balance of the contingent consideration for the nine months ended September 30, 2024 and for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Beginning Balance of contingent consideration: ​ ​ ​ ​ ​ ​ Current contingent consideration ​ $ - ​ $ 2,211 Non-current contingent consideration ​ ​ 3,548 ​ ​ 2,179 ​ ​ $ 3,548 ​ $ 4,390 ​ ​ ​ ​ ​ ​ ​ Change in value ​ $ - ​ $ (2,211) Change in value ​ $ (212) ​ $ 1,369 ​ ​ ​ ​ ​ ​ ​ Ending Balance of contingent consideration: ​ ​ ​ ​ ​ ​ Current contingent consideration ​ $ - ​ $ - Non-current contingent consideration ​ ​ 3,336 ​ ​ 3,548 ​ ​ $ 3,336 ​ $ 3,548 ​ Other Contingencies The Company has certain other contingencies resulting from litigation, claims, and other commitments and is subject to various environmental and safety laws and regulations incident to the ordinary course of business. The Company currently has no basis to conclude that any or all of such contingencies will materially affect its financial position, results of operations, or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by the Company. There can be no assurance that the ultimate disposition of contingencies will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. With the acquisition of Aquila Resources Inc. on December 10, 2021, the Company assumed substantial liabilities that relate to the gold and silver stream agreements with OBL. Under the agreements, OBL deposited a total of $37.2 million upfront in exchange for a portion of the future gold and silver production from the Back Forty Project. The stream agreements contain customary provisions regarding default and security. In the event that the Company’s subsidiary defaults under the stream agreements, including failing to achieve commercial production at a future date, it may be required to repay the deposit plus accumulated interest at a rate agreed with OBL. If it fails to do so, OBL may be entitled to enforce its remedies as a secured party and take possession of the assets that comprise the Back Forty Project.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Shareholders' Equity
Shareholders' Equity	14. Shareholders’ Equity The Company’s At-The-Market Offering (“ATM”) Agreement with H.C. Wainwright & Co., LLC (the “Agent”), which was entered into in November 2019, was renewed on April 3, 2024, pursuant to which the Agent agreed to act as the Company’s sales agent with respect to the offer and sale from time to time of the Company’s common stock having an aggregate gross sales price of up to $14.9 million. During the three and nine months ended September 30, 2024, an aggregate of 1,230,180 and 4,708,993, respectively, shares of the Company’s common stock were sold and settled through the ATM agreement for net proceeds to the Company of $0.6 million and $2.4 million, respectively, after deducting agent’s commissions and other fees. During both the three and nine months ended September 30, 2023, 130,199 shares of the Company’s common stock were sold through the ATM agreement for net proceeds to the Company of $0.1 million, after deducting agent’s commissions and other fees . ​

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivatives
Derivatives	15. Derivatives Embedded Derivatives Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for shipments pending final settlement. At the end of each reporting period, the Company records an adjustment to accounts receivable and sales to reflect the mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note—20 Fair Value Measurement Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) The following table summarizes the Company’s unsettled sales contracts at September 30, 2024 with the quantities of metals under contract subject to final pricing expected to occur through December 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ ​ Total ​ ​ (ounces) ​ (ounces) ​ (tonnes) ​ (tonnes) ​ (tonnes) ​ ​ ​ Under contract ​ ​ 1,104 ​ ​ 202,922 ​ ​ 53 ​ ​ 779 ​ ​ 2,187 ​ ​ ​ Average forward price (per ounce or tonne) ​ $ 2,523 ​ $ 30.10 ​ $ 9,352 ​ $ 2,074 ​ $ 2,803 ​ ​ ​ Unsettled sales contracts value (in thousands) ​ $ 2,785 ​ $ 6,108 ​ $ 496 ​ $ 1,616 ​ $ 6,130 ​ $ 17,135 ​ The Company manages credit risk by entering into arrangements with counterparties believed to be financially strong, and by requiring other credit risk mitigants, as appropriate. The Company actively evaluates the implicit creditworthiness of its counterparties, and monitors credit exposures.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2024
Employee Benefits
Employee Benefits	16. Employee Benefits Effective October 2012, the Company adopted a profit-sharing plan (the “Plan”), which covers all U.S. employees. The Plan meets the requirements of a qualified retirement plan pursuant to the provisions of Section 401(k) of the Internal Revenue Code. The Plan also allows eligible employees to make tax deferred contributions to a retirement trust account up to 90% of their qualified wages, subject to the IRS annual maximums. On April 23, 2021, a decree that reforms labor outsourcing in Mexico was published in the Federation’s Official Gazette. This decree amended the outsourcing provisions, whereby operating companies can no longer source their labor resources used to carry out the core business functions from service entities or third-party providers. Under Mexican law, employees are entitled to receive statutory profit sharing (Participacion a los Trabajadores de las Utilidades or “PTU”) payments. The required cash payment to employees in the aggregate is equal to 10% of their employer’s profit subject to PTU, which differs from profit determined under U.S. GAAP. Please see Note 10 — Accrued Expenses and Other Liabilities Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	17. Stock-Based Compensation The Company’s compensation program comprises three main elements: (1) base salary, (2) an annual short-term incentive plan (“STIP”) award which may be in the form of cash or Deferred Share Units (“DSUs”) with immediate vesting, and (3) long-term equity-based incentive compensation (“LTIP”) in the form of stock options, Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”). The Gold Resource Corporation 2016 Equity Incentive Plan (the “Incentive Plan”) allows for the issuance of up to 5 million shares of common stock in the form of incentive and non-qualified stock options, stock appreciation rights, RSUs, stock grants, stock units, performance shares, PSUs, and DSUs. The Company’s STIP for its management team provides an annual award, which may be settled as a cash payable through the issuance of fully vested equity awards (such as fully vested stock grants or DSUs), or a combination of cash and stock awards (DSUs), upon achievement of specified performance metrics. As of September 30, 2024, the Company has a $0.7 million liability accrued for the 2024 bonuses in accrued expenses and other liabilities Stock-based compensation expense for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Stock options ​ $ - ​ $ 10 ​ $ 22 ​ $ 250 Restricted stock units ​ ​ 184 ​ ​ 95 ​ ​ 441 ​ ​ 422 Performance stock units ​ ​ 9 ​ ​ (118) ​ ​ 137 ​ ​ (150) Deferred stock units ​ ​ 10 ​ ​ (89) ​ ​ 47 ​ ​ (20) Total ​ $ 203 ​ $ (102) ​ $ 647 ​ $ 502 ​ Stock Options A summary of stock option activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ Weighted Average Exercise Price (per share) Outstanding as of December 31, 2022 ​ 1,475,316 ​ $ 2.90 Expired or Forfeited ​ (414,569) ​ ​ 2.69 Outstanding as of September 30, 2023 ​ 1,060,747 ​ $ 2.98 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 840,612 ​ $ 2.99 Grant / Exercise / Forfeiture ​ - ​ ​ - Outstanding as of September 30, 2024 ​ 840,612 ​ $ 2.99 ​ ​ ​ ​ ​ ​ Vested and exercisable as of September 30, 2024 ​ 840,612 ​ $ 2.99 ​ Restricted Stock Units A summary of RSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units ​ Aggregate Intrinsic Value (in thousands) Nonvested as of December 31, 2022 ​ 575,548 ​ $ 881 Granted ​ 779,192 ​ ​ ​ Vested but not redeemed (deferred) ​ (106,955) ​ ​ ​ Vested and redeemed ​ (100,057) ​ ​ ​ Vested and forfeited for net settlement ​ (30,181) ​ ​ ​ Forfeited ​ (270,292) ​ ​ ​ Nonvested as of September 30, 2023 ​ 847,255 ​ $ 363 ​ ​ ​ ​ ​ ​ Nonvested as of December 31, 2023 ​ 847,255 ​ $ 319 Granted ​ 832,091 ​ ​ ​ Granted in lieu of bonus ​ 637,929 ​ ​ ​ Vested but not redeemed (deferred) ​ (134,257) ​ ​ ​ Vested and redeemed ​ (119,997) ​ ​ ​ Vested and forfeited for net settlement ​ (76,994) ​ ​ ​ Forfeited ​ (54,769) ​ ​ ​ Nonvested as of September 30, 2024 ​ 1,931,258 ​ $ 675 ​ Performance Stock Units A summary of PSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Share Units ​ ​ Liability Balance (in thousands) Outstanding as of December 31, 2022 ​ 695,041 ​ $ 332 Granted ​ 534,890 ​ ​ ​ Forfeited ​ (349,005) ​ ​ ​ Outstanding as of September 30, 2023 ​ 880,926 ​ $ 182 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 880,926 ​ $ 164 Granted ​ 682,367 ​ ​ ​ Forfeited ​ (33,113) ​ ​ ​ Redeemed ​ (201,258) ​ ​ ​ Outstanding as of September 30, 2024 ​ 1,328,922 ​ $ 235 ​ Deferred Stock Units A summary of DSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Stock Units ​ ​ Liability Balance (in thousands) Outstanding as of December 31, 2022 ​ 360,699 ​ $ 552 Granted ​ 278,663 ​ ​ ​ Granted in lieu of board fees ​ 63,624 ​ ​ ​ Granted in lieu of executive bonus ​ 212,407 ​ ​ ​ Redeemed ​ (373,489) ​ ​ ​ Outstanding as of September 30, 2023 ​ 541,904 ​ $ 233 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 586,291 ​ $ 223 Granted in lieu of board fees ​ 183,208 ​ ​ ​ Outstanding as of September 30, 2024 ​ 769,499 ​ $ 269 ​

Other Expense, Net

Other Expense, Net	9 Months Ended
	Sep. 30, 2024
Other Expense, net
Other Expense, net	18. Other Expense, net Other expense, net, for the periods presented consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Unrealized currency exchange loss (1) ​ $ 889 ​ $ 260 ​ $ 2,220 ​ $ 599 Realized currency exchange loss (gain) ​ ​ 75 ​ ​ (7) ​ ​ (82) ​ ​ 302 Realized and unrealized (gain) loss from gold and silver rounds, net ​ ​ (19) ​ ​ 2 ​ ​ (35) ​ ​ (1) Realized loss from sale of investments (2) ​ ​ 555 ​ ​ - ​ ​ 555 ​ ​ - Loss on disposal of fixed assets ​ ​ - ​ ​ - ​ ​ - ​ ​ 12 Interest on streaming liabilities ​ ​ 1,260 ​ ​ 688 ​ ​ 6,356 ​ ​ 1,237 Severance ​ ​ 277 ​ ​ 664 ​ ​ 953 ​ ​ 1,541 Other (income) expense ​ ​ (60) ​ ​ 360 ​ ​ 879 ​ ​ 457 Total ​ $ 2,977 ​ $ 1,967 ​ $ 10,846 ​ $ 4,147 ​ (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 20—Fair Value Measurement in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information . (2) On September 23, 2024, all the common shares of Maritime were sold in a private placement transaction for C $0.034 per share to a related party, Dundee Corporation, for total proceeds of C $1.6 million (or $1.2 million). As of September 30, 2024 and December 31, 2023, the fair value of the investment was nil and $1.6 million, respectively.

Net Loss per Common Share

Net Loss per Common Share	9 Months Ended
	Sep. 30, 2024
Net Loss per Common Share
Net Loss per Common Share	19. Net Loss per Common Share Basic net income or loss per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings or loss per common share are calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All of the Company’s RSUs are anti-dilutive due to the Company’s net loss for the period. Since PSUs and DSUs are expected to be cash settled, they are not included in the dilutive calculation. The effect of the Company’s dilutive securities is calculated using the treasury stock method, and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 0.8 million shares of common stock at weighted average exercise price of $2.99 were outstanding as of September 30, 2024, but had no dilutive effect due to the net loss for the period. Options to purchase 1.1 million shares of common stock at a weighted average exercise price of $2.98 were outstanding as of September 30, 2023, but it had no dilutive effect due to the net loss for the period. Basic and diluted net income per common share is calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss (in thousands) ​ $ (10,495) ​ $ (7,341) ​ $ (42,250) ​ $ (12,960) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted average common shares outstanding ​ ​ 93,279,750 ​ ​ 88,499,327 ​ ​ 91,005,507 ​ ​ 88,458,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net loss per common share ​ $ (0.11) ​ $ (0.08) ​ $ (0.46) ​ $ (0.15) ​

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Fair Value Measurement	20. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. These assets and liabilities are remeasured for each reporting period. The following tables set forth certain of the Company’s assets and liabilities measured at fair value by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ September 30, ​ December 31, ​ Input Hierarchy Level ​ ​ 2024 ​ 2023 ​ ​ ​ ​ (in thousands) ​ ​ Cash and cash equivalents ​ $ 1,352 ​ $ 6,254 ​ Level 1 Accounts receivable, net ​ $ 5,413 ​ $ 4,335 ​ Level 2 Investment in equity securities-Maritime ​ $ - ​ $ 1,596 ​ Level 1 Investment in equity securities-Green Light Metals ​ $ 2,265 ​ $ 3,698 ​ Level 3 ​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents Accounts receivable, net: At September 30, 2024 and December 31, 2023, the Company had an unrealized gain of $14 thousand and an unrealized gain of $0.3 million, respectively, included in its accounts receivable on the accompanying Condensed Consolidated Interim Balance Sheets Note 15—Derivatives Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) Investment in equity securities—Maritime Investment in equity securities—Green Light Metals Gains and losses related to changes in the fair value of embedded derivatives were included in the Company’s Condensed Consolidated Interim Statements of Operations, as shown in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ Statements of Operations Classification ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ ​ Note (in thousands) ​ ​ Realized and unrealized derivative (loss) gain, net 15 $ (54) ​ $ 339 ​ ​ $ 1,093 ​ $ (205) ​ Sales, net ​ Realized/Unrealized Derivatives The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the three months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 57 ​ $ 130 ​ $ (48) ​ $ 46 ​ $ 160 ​ $ 345 Unrealized (loss) gain ​ ​ (6) ​ ​ (215) ​ ​ 34 ​ ​ (68) ​ ​ (144) ​ ​ (399) Total realized/unrealized derivatives, net ​ $ 51 ​ $ (85) ​ $ (14) ​ $ (22) ​ $ 16 ​ $ (54) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the three months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 10 ​ $ 16 ​ $ (38) ​ $ 19 ​ $ (640) ​ $ (633) Unrealized (loss) gain ​ ​ (40) ​ ​ (34) ​ ​ 38 ​ ​ (129) ​ ​ 1,137 ​ ​ 972 Total realized/unrealized derivatives, net ​ $ (30) ​ $ (18) ​ $ - ​ $ (110) ​ $ 497 ​ $ 339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain ​ $ 443 ​ $ 415 ​ $ 79 ​ $ 39 ​ $ 358 ​ $ 1,334 Unrealized (loss) gain ​ ​ (42) ​ ​ (83) ​ ​ (13) ​ ​ 6 ​ ​ (109) ​ ​ (241) Total realized/unrealized derivatives, net ​ $ 401 ​ $ 332 ​ $ 66 ​ $ 45 ​ $ 249 ​ $ 1,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 251 ​ $ 361 ​ $ 8 ​ $ 167 ​ $ (538) ​ $ 249 Unrealized (loss) gain ​ ​ (121) ​ ​ (339) ​ ​ (18) ​ ​ (139) ​ ​ 163 ​ ​ (454) Total realized/unrealized derivatives, net ​ $ 130 ​ $ 22 ​ $ (10) ​ $ 28 ​ $ (375) ​ $ (205) ​

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplementary Cash Flow Information
Supplementary Cash Flow Information	21. Supplementary Cash Flow Information Other operating adjustments and write-downs within net cash provided by operating activities on the Condensed Consolidated Interim Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Unrealized gain on gold and silver rounds ​ $ (35) ​ $ (3) Unrealized foreign currency exchange loss ​ ​ 2,220 ​ ​ 599 Unrealized loss on investments ​ ​ 1,168 ​ ​ 350 Other ​ ​ 1,093 ​ ​ 264 Total other operating adjustments, net ​ $ 4,446 ​ $ 1,210 ​

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting
Segment Reporting	22. Segment Reporting As of September 30, 2024 the Company has organized its operations into three geographic regions: Oaxaca, Mexico, Michigan, U.S.A., and Corporate and Other. Oaxaca, Mexico represents the Company’s only production stage property. Michigan, U.S.A. is an advanced exploration stage property. The Company does not have any intersegment revenue, and all intercompany transactions have been eliminated within each segment in order to report the net income (loss) on the basis that management uses internally for evaluating segment performance. The Company’s business activities that are not considered production stage or advanced exploration stage properties are included in Corporate and Other. The following table shows selected information from the Condensed Consolidated Interim Balance Sheets relating to the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated As of September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ​ $ 20,419 ​ $ 66 ​ $ 1,487 ​ $ 21,972 Total non-current assets (1) ​ ​ 41,400 ​ ​ 91,770 ​ ​ 304 ​ ​ 133,474 Total assets ​ $ 61,819 ​ $ 91,836 ​ $ 1,791 ​ $ 155,446 Total current liabilities ​ $ 14,538 ​ ​ 51 ​ ​ 1,290 ​ $ 15,879 Total non-current liabilities ​ ​ 12,688 ​ ​ 69,148 ​ ​ 422 ​ ​ 82,258 Total shareholders’ equity ​ ​ 34,593 ​ ​ 22,637 ​ ​ 79 ​ ​ 57,309 Total liabilities and shareholders’ equity ​ $ 61,819 ​ $ 91,836 ​ $ 1,791 ​ $ 155,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ​ $ 25,155 ​ $ 116 ​ $ 1,224 ​ $ 26,495 Total non-current assets (1) ​ ​ 62,368 ​ ​ 93,287 ​ ​ 1,736 ​ ​ 157,391 Total assets ​ $ 87,523 ​ $ 93,403 ​ $ 2,960 ​ $ 183,886 Total current liabilities ​ $ 10,029 ​ $ 59 ​ $ 1,237 ​ $ 11,325 Total non-current liabilities ​ ​ 12,559 ​ ​ 62,792 ​ ​ 517 ​ ​ 75,868 Total shareholders’ equity ​ ​ 64,935 ​ ​ 30,552 ​ ​ 1,206 ​ ​ 96,693 Total liabilities and shareholders’ equity ​ $ 87,523 ​ $ 93,403 ​ $ 2,960 ​ $ 183,886 (1) As of September 30, 2024, the total non-current assets included capital investments of $7.5 million in Oaxaca, Mexico, nil in Michigan, USA, and nil in Corporate and Other. As of December 31, 2023, the total non-current assets included capital investments of $11.0 million in Oaxaca, Mexico, $0.4 million in Michigan, USA, and nil in Corporate and Other. The following table shows selected information from the Condensed Consolidated Interim Statements of Operations relating to the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the three months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 13,272 ​ $ - ​ $ - ​ $ 13,272 Total mine cost of sales, including depreciation ​ ​ 21,907 ​ ​ 28 ​ ​ 7 ​ ​ 21,942 Exploration expense ​ ​ 767 ​ ​ 202 ​ ​ - ​ ​ 969 Total other costs and expenses, including G&A ​ ​ 1,294 ​ ​ 1,178 ​ ​ 2,001 ​ ​ 4,473 Income tax benefit ​ ​ (3,213) ​ ​ (369) ​ ​ (35) ​ ​ (3,617) Net loss ​ $ (7,483) ​ $ (1,039) ​ $ (1,973) ​ $ (10,495) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the three months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 20,552 ​ $ - ​ $ - ​ $ 20,552 Total mine cost of sales, including depreciation ​ ​ 24,359 ​ ​ 23 ​ ​ 581 ​ ​ 24,963 Exploration expense ​ ​ 1,540 ​ ​ 420 ​ ​ - ​ ​ 1,960 Total other costs and expenses, including G&A ​ ​ 166 ​ ​ 767 ​ ​ 2,696 ​ ​ 3,629 Income tax benefit ​ ​ (2,349) ​ ​ (42) ​ ​ (268) ​ ​ (2,659) Net loss ​ $ (3,164) ​ $ (1,168) ​ $ (3,009) ​ $ (7,341) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 52,756 ​ $ - ​ $ - ​ $ 52,756 Total mine cost of sales, including depreciation ​ ​ 67,081 ​ ​ 83 ​ ​ 23 ​ ​ 67,187 Exploration expense ​ ​ 1,850 ​ ​ 549 ​ ​ - ​ ​ 2,399 Total other costs and expenses, including G&A ​ ​ 2,909 ​ ​ 7,576 ​ ​ 3,983 ​ ​ 14,468 Income tax provision (benefit) ​ ​ 10,970 ​ ​ 211 ​ ​ (229) ​ ​ 10,952 Net loss ​ $ (30,054) ​ $ (8,419) ​ $ (3,777) ​ $ (42,250) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 76,587 ​ $ - ​ $ - ​ $ 76,587 Total mine cost of sales, including depreciation ​ ​ 77,395 ​ ​ 65 ​ ​ 1,778 ​ ​ 79,238 Exploration expense ​ ​ 3,974 ​ ​ 1,265 ​ ​ - ​ ​ 5,239 Total other costs and expenses, including G&A ​ ​ 869 ​ ​ 981 ​ ​ 7,886 ​ ​ 9,736 Income tax benefit ​ ​ (3,911) ​ ​ (479) ​ ​ (276) ​ ​ (4,666) Net loss ​ $ (1,740) ​ $ (1,832) ​ $ (9,388) ​ $ (12,960) ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,495)	$ (7,341)	$ (42,250)	$ (12,960)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
New Accounting Pronouncements
New Accounting Pronouncements	The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures in November 2023, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. The Company will retrospectively adopt the segment disclosures required under this amendment in the year ended December 31, 2024 financial statements. The Company does not expect any major impact of this update on its consolidated financial statements and disclosures. The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures in December 2023, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue
Summary of revenue from the sale of concentrate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Doré sales, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ $ - ​ $ 417 ​ $ 24 ​ $ 2,685 Silver ​ ​ - ​ ​ 19 ​ ​ 1 ​ ​ 120 Less: Refining charges ​ ​ - ​ ​ (3) ​ ​ (6) ​ ​ (45) Total doré sales, net ​ ​ - ​ ​ 433 ​ ​ 19 ​ ​ 2,760 Concentrate sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ ​ 3,416 ​ ​ 7,273 ​ ​ 17,173 ​ ​ 25,844 Silver ​ ​ 5,424 ​ ​ 4,900 ​ ​ 17,332 ​ ​ 18,082 Copper ​ ​ 917 ​ ​ 2,049 ​ ​ 5,099 ​ ​ 7,792 Lead ​ ​ 918 ​ ​ 2,060 ​ ​ 3,342 ​ ​ 7,807 Zinc ​ ​ 4,045 ​ ​ 6,283 ​ ​ 13,108 ​ ​ 23,762 Less: Treatment and refining charges ​ ​ (1,394) ​ ​ (2,785) ​ ​ (4,410) ​ ​ (9,255) Total concentrate sales, net ​ ​ 13,326 ​ ​ 19,780 ​ ​ 51,644 ​ ​ 74,032 Realized gain (loss) - embedded derivative, (1) ​ ​ 344 ​ ​ (633) ​ ​ 1,333 ​ ​ 249 Unrealized (loss) gain - embedded derivative, net ​ ​ (398) ​ ​ 972 ​ ​ (240) ​ ​ (454) Total sales, net ​ $ 13,272 ​ $ 20,552 ​ $ 52,756 ​ $ 76,587 (1) Copper, lead, and zinc are co-products. In the Realized gain (loss) - embedded derivative, net, there is $0.2 million gain and $0.5 million gain related to these co-products for the three and nine months ended September 30, 2024. There is $0.7 million loss and $0.4 million loss, respectively, in the Realized gain (loss) - embedded derivative, net, related to the co-products for the three and nine months ended September 30, 2023.

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2024
Inventories, net
Summary of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Stockpiles - underground mine ​ $ 327 ​ $ 534 Concentrates ​ ​ 928 ​ ​ 1,768 Doré, net ​ ​ 169 ​ ​ 169 Subtotal - product inventories ​ ​ 1,424 ​ ​ 2,471 Materials and supplies (1) ​ ​ 6,400 ​ ​ 6,823 Total ​ $ 7,824 ​ $ 9,294 ​ (1) Net of reserve for obsolescence of $0.5 million as of both September 30, 2024 and December 31, 2023.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses And Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Advances to suppliers ​ $ 47 ​ $ 266 Prepaid insurance ​ ​ 1,757 ​ ​ 1,103 Prepaid income tax ​ ​ 3,965 ​ ​ 4,589 Other current assets ​ ​ 1,614 ​ ​ 654 Total ​ $ 7,383 ​ $ 6,612

Property, Plant, and Mine Dev_2

Property, Plant, and Mine Development, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant, and Mine Development, net
Schedule of property, plant and mine development, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Asset retirement costs (“ARO asset”) ​ $ 6,227 ​ $ 6,227 Construction-in-progress ​ ​ 1,147 ​ ​ 243 Furniture and office equipment ​ ​ 1,762 ​ ​ 1,781 Land ​ ​ 9,033 ​ ​ 9,033 Mineral interest ​ ​ 79,543 ​ ​ 79,543 Light vehicles and other mobile equipment ​ ​ 2,118 ​ ​ 2,126 Machinery and equipment ​ ​ 44,617 ​ ​ 42,887 Mill facilities and infrastructure ​ ​ 36,463 ​ ​ 36,396 Mine development ​ ​ 120,084 ​ ​ 115,230 Software and licenses ​ ​ 1,555 ​ ​ 1,554 Subtotal ​ ​ 302,549 ​ ​ 295,020 Accumulated depreciation and amortization ​ ​ (171,661) ​ ​ (156,394) Total ​ $ 130,888 ​ $ 138,626

Other Non-current Assets (Table

Other Non-current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Other Non-current Assets
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Investment in Maritime ​ $ - ​ $ 1,596 Investment in Green Light Metals ​ ​ 2,265 ​ ​ 3,698 Other non-current assets ​ ​ 82 ​ ​ 170 Total ​ $ 2,347 ​ $ 5,464

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Accrued royalty payments ​ $ 650 ​ $ 726 Accrual for short-term incentive plan ​ ​ 737 ​ ​ 764 Share-based compensation liability - current ​ ​ 89 ​ ​ 67 Equipment financing ​ ​ 1,041 ​ ​ - Employee profit sharing obligation ​ ​ 5 ​ ​ 67 Other payables ​ ​ 824 ​ ​ 888 Total accrued expenses and other current liabilities ​ $ 3,346 ​ $ 2,512 ​ ​ ​ ​ ​ ​ ​ Accrued non-current labor obligation ​ $ 1,609 ​ $ 1,167 Share-based compensation liability ​ ​ 415 ​ ​ 320 Other long-term liabilities ​ ​ 7 ​ ​ 29 Total other non-current liabilities ​ $ 2,031 ​ $ 1,516 ​

Gold and Silver Stream Agreem_2

Gold and Silver Stream Agreements (Tables)	9 Months Ended
	Sep. 30, 2024
Gold and Silver Stream Agreements
Schedule of liabilities related to the deferred revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Liability related to the Gold Stream Agreement ​ $ 24,047 ​ $ 21,002 Liability related to the Silver Stream Agreement ​ ​ 27,241 ​ ​ 23,930 Total liability ​ $ 51,288 ​ $ 44,932

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	9 Months Ended
	Sep. 30, 2024
Reclamation and Remediation
Schedule of changes in reclamation and remediation obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Reclamation liabilities – balance at beginning of period ​ $ 2,233 ​ $ 1,949 Foreign currency exchange (gain) loss ​ ​ (311) ​ ​ 284 Reclamation liabilities – balance at end of period ​ ​ 1,922 ​ ​ 2,233 ​ ​ ​ ​ ​ ​ ​ Asset retirement obligation – balance at beginning of period (1) ​ ​ 9,562 ​ ​ 8,417 Changes in estimate (1) ​ ​ - ​ ​ (1,221) Liability for Aquila drillhole capping ​ ​ - ​ ​ 404 Accretion ​ ​ 528 ​ ​ 689 Foreign currency exchange (gain) loss ​ ​ (1,331) ​ ​ 1,273 Asset retirement obligation – balance at end of period ​ ​ 8,759 ​ ​ 9,562 Total period end balance ​ $ 10,681 ​ $ 11,795 ​ (1) In 2023, the Company updated its closure plan study, which resulted in a $1.2 million decrease in the estimated liability and asset retirement costs.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies.
Schedule of change in the balance of the contingent consideration	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Beginning Balance of contingent consideration: ​ ​ ​ ​ ​ ​ Current contingent consideration ​ $ - ​ $ 2,211 Non-current contingent consideration ​ ​ 3,548 ​ ​ 2,179 ​ ​ $ 3,548 ​ $ 4,390 ​ ​ ​ ​ ​ ​ ​ Change in value ​ $ - ​ $ (2,211) Change in value ​ $ (212) ​ $ 1,369 ​ ​ ​ ​ ​ ​ ​ Ending Balance of contingent consideration: ​ ​ ​ ​ ​ ​ Current contingent consideration ​ $ - ​ $ - Non-current contingent consideration ​ ​ 3,336 ​ ​ 3,548 ​ ​ $ 3,336 ​ $ 3,548

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivatives
Summary of unsettled sales contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ ​ Total ​ ​ (ounces) ​ (ounces) ​ (tonnes) ​ (tonnes) ​ (tonnes) ​ ​ ​ Under contract ​ ​ 1,104 ​ ​ 202,922 ​ ​ 53 ​ ​ 779 ​ ​ 2,187 ​ ​ ​ Average forward price (per ounce or tonne) ​ $ 2,523 ​ $ 30.10 ​ $ 9,352 ​ $ 2,074 ​ $ 2,803 ​ ​ ​ Unsettled sales contracts value (in thousands) ​ $ 2,785 ​ $ 6,108 ​ $ 496 ​ $ 1,616 ​ $ 6,130 ​ $ 17,135

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Stock-Based Compensation
Schedule of Stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Stock options ​ $ - ​ $ 10 ​ $ 22 ​ $ 250 Restricted stock units ​ ​ 184 ​ ​ 95 ​ ​ 441 ​ ​ 422 Performance stock units ​ ​ 9 ​ ​ (118) ​ ​ 137 ​ ​ (150) Deferred stock units ​ ​ 10 ​ ​ (89) ​ ​ 47 ​ ​ (20) Total ​ $ 203 ​ $ (102) ​ $ 647 ​ $ 502
Schedule of Share-based Compensation, Stock Options, Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ Weighted Average Exercise Price (per share) Outstanding as of December 31, 2022 ​ 1,475,316 ​ $ 2.90 Expired or Forfeited ​ (414,569) ​ ​ 2.69 Outstanding as of September 30, 2023 ​ 1,060,747 ​ $ 2.98 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 840,612 ​ $ 2.99 Grant / Exercise / Forfeiture ​ - ​ ​ - Outstanding as of September 30, 2024 ​ 840,612 ​ $ 2.99 ​ ​ ​ ​ ​ ​ Vested and exercisable as of September 30, 2024 ​ 840,612 ​ $ 2.99
Schedule of RSU activity under the Incentive Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units ​ Aggregate Intrinsic Value (in thousands) Nonvested as of December 31, 2022 ​ 575,548 ​ $ 881 Granted ​ 779,192 ​ ​ ​ Vested but not redeemed (deferred) ​ (106,955) ​ ​ ​ Vested and redeemed ​ (100,057) ​ ​ ​ Vested and forfeited for net settlement ​ (30,181) ​ ​ ​ Forfeited ​ (270,292) ​ ​ ​ Nonvested as of September 30, 2023 ​ 847,255 ​ $ 363 ​ ​ ​ ​ ​ ​ Nonvested as of December 31, 2023 ​ 847,255 ​ $ 319 Granted ​ 832,091 ​ ​ ​ Granted in lieu of bonus ​ 637,929 ​ ​ ​ Vested but not redeemed (deferred) ​ (134,257) ​ ​ ​ Vested and redeemed ​ (119,997) ​ ​ ​ Vested and forfeited for net settlement ​ (76,994) ​ ​ ​ Forfeited ​ (54,769) ​ ​ ​ Nonvested as of September 30, 2024 ​ 1,931,258 ​ $ 675
Schedule of PSU activity under the Incentive Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Share Units ​ ​ Liability Balance (in thousands) Outstanding as of December 31, 2022 ​ 695,041 ​ $ 332 Granted ​ 534,890 ​ ​ ​ Forfeited ​ (349,005) ​ ​ ​ Outstanding as of September 30, 2023 ​ 880,926 ​ $ 182 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 880,926 ​ $ 164 Granted ​ 682,367 ​ ​ ​ Forfeited ​ (33,113) ​ ​ ​ Redeemed ​ (201,258) ​ ​ ​ Outstanding as of September 30, 2024 ​ 1,328,922 ​ $ 235
Schedule of DSU activity under the Incentive Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Stock Units ​ ​ Liability Balance (in thousands) Outstanding as of December 31, 2022 ​ 360,699 ​ $ 552 Granted ​ 278,663 ​ ​ ​ Granted in lieu of board fees ​ 63,624 ​ ​ ​ Granted in lieu of executive bonus ​ 212,407 ​ ​ ​ Redeemed ​ (373,489) ​ ​ ​ Outstanding as of September 30, 2023 ​ 541,904 ​ $ 233 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ 586,291 ​ $ 223 Granted in lieu of board fees ​ 183,208 ​ ​ ​ Outstanding as of September 30, 2024 ​ 769,499 ​ $ 269 ​

Other Expense, Net (Tables)

Other Expense, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Other Expense, net
Schedule of other expense, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ (in thousands) Unrealized currency exchange loss (1) ​ $ 889 ​ $ 260 ​ $ 2,220 ​ $ 599 Realized currency exchange loss (gain) ​ ​ 75 ​ ​ (7) ​ ​ (82) ​ ​ 302 Realized and unrealized (gain) loss from gold and silver rounds, net ​ ​ (19) ​ ​ 2 ​ ​ (35) ​ ​ (1) Realized loss from sale of investments (2) ​ ​ 555 ​ ​ - ​ ​ 555 ​ ​ - Loss on disposal of fixed assets ​ ​ - ​ ​ - ​ ​ - ​ ​ 12 Interest on streaming liabilities ​ ​ 1,260 ​ ​ 688 ​ ​ 6,356 ​ ​ 1,237 Severance ​ ​ 277 ​ ​ 664 ​ ​ 953 ​ ​ 1,541 Other (income) expense ​ ​ (60) ​ ​ 360 ​ ​ 879 ​ ​ 457 Total ​ $ 2,977 ​ $ 1,967 ​ $ 10,846 ​ $ 4,147 ​ (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 20—Fair Value Measurement in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information .

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Net Loss per Common Share
Schedule of basic and diluted net income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss (in thousands) ​ $ (10,495) ​ $ (7,341) ​ $ (42,250) ​ $ (12,960) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted weighted average common shares outstanding ​ ​ 93,279,750 ​ ​ 88,499,327 ​ ​ 91,005,507 ​ ​ 88,458,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net loss per common share ​ $ (0.11) ​ $ (0.08) ​ $ (0.46) ​ $ (0.15) ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement
Summary of assets and liabilities measured at fair value by level within fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ September 30, ​ December 31, ​ Input Hierarchy Level ​ ​ 2024 ​ 2023 ​ ​ ​ ​ (in thousands) ​ ​ Cash and cash equivalents ​ $ 1,352 ​ $ 6,254 ​ Level 1 Accounts receivable, net ​ $ 5,413 ​ $ 4,335 ​ Level 2 Investment in equity securities-Maritime ​ $ - ​ $ 1,596 ​ Level 1 Investment in equity securities-Green Light Metals ​ $ 2,265 ​ $ 3,698 ​ Level 3
Summary of realized and unrealized gain losses on derivatives	The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the three months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 57 ​ $ 130 ​ $ (48) ​ $ 46 ​ $ 160 ​ $ 345 Unrealized (loss) gain ​ ​ (6) ​ ​ (215) ​ ​ 34 ​ ​ (68) ​ ​ (144) ​ ​ (399) Total realized/unrealized derivatives, net ​ $ 51 ​ $ (85) ​ $ (14) ​ $ (22) ​ $ 16 ​ $ (54) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the three months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 10 ​ $ 16 ​ $ (38) ​ $ 19 ​ $ (640) ​ $ (633) Unrealized (loss) gain ​ ​ (40) ​ ​ (34) ​ ​ 38 ​ ​ (129) ​ ​ 1,137 ​ ​ 972 Total realized/unrealized derivatives, net ​ $ (30) ​ $ (18) ​ $ - ​ $ (110) ​ $ 497 ​ $ 339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain ​ $ 443 ​ $ 415 ​ $ 79 ​ $ 39 ​ $ 358 ​ $ 1,334 Unrealized (loss) gain ​ ​ (42) ​ ​ (83) ​ ​ (13) ​ ​ 6 ​ ​ (109) ​ ​ (241) Total realized/unrealized derivatives, net ​ $ 401 ​ $ 332 ​ $ 66 ​ $ 45 ​ $ 249 ​ $ 1,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ Silver ​ Copper ​ Lead ​ Zinc ​ Total For the nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain (loss) ​ $ 251 ​ $ 361 ​ $ 8 ​ $ 167 ​ $ (538) ​ $ 249 Unrealized (loss) gain ​ ​ (121) ​ ​ (339) ​ ​ (18) ​ ​ (139) ​ ​ 163 ​ ​ (454) Total realized/unrealized derivatives, net ​ $ 130 ​ $ 22 ​ $ (10) ​ $ 28 ​ $ (375) ​ $ (205) ​

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplementary Cash Flow Information
Schedule of other operating adjustments and write-downs in cash flow statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Unrealized gain on gold and silver rounds ​ $ (35) ​ $ (3) Unrealized foreign currency exchange loss ​ ​ 2,220 ​ ​ 599 Unrealized loss on investments ​ ​ 1,168 ​ ​ 350 Other ​ ​ 1,093 ​ ​ 264 Total other operating adjustments, net ​ $ 4,446 ​ $ 1,210 ​

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting
Schedule of Condensed Consolidated Interim Balance Sheets relating to the Company's segments	The following table shows selected information from the Condensed Consolidated Interim Balance Sheets relating to the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated As of September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ​ $ 20,419 ​ $ 66 ​ $ 1,487 ​ $ 21,972 Total non-current assets (1) ​ ​ 41,400 ​ ​ 91,770 ​ ​ 304 ​ ​ 133,474 Total assets ​ $ 61,819 ​ $ 91,836 ​ $ 1,791 ​ $ 155,446 Total current liabilities ​ $ 14,538 ​ ​ 51 ​ ​ 1,290 ​ $ 15,879 Total non-current liabilities ​ ​ 12,688 ​ ​ 69,148 ​ ​ 422 ​ ​ 82,258 Total shareholders’ equity ​ ​ 34,593 ​ ​ 22,637 ​ ​ 79 ​ ​ 57,309 Total liabilities and shareholders’ equity ​ $ 61,819 ​ $ 91,836 ​ $ 1,791 ​ $ 155,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ​ $ 25,155 ​ $ 116 ​ $ 1,224 ​ $ 26,495 Total non-current assets (1) ​ ​ 62,368 ​ ​ 93,287 ​ ​ 1,736 ​ ​ 157,391 Total assets ​ $ 87,523 ​ $ 93,403 ​ $ 2,960 ​ $ 183,886 Total current liabilities ​ $ 10,029 ​ $ 59 ​ $ 1,237 ​ $ 11,325 Total non-current liabilities ​ ​ 12,559 ​ ​ 62,792 ​ ​ 517 ​ ​ 75,868 Total shareholders’ equity ​ ​ 64,935 ​ ​ 30,552 ​ ​ 1,206 ​ ​ 96,693 Total liabilities and shareholders’ equity ​ $ 87,523 ​ $ 93,403 ​ $ 2,960 ​ $ 183,886 (1) As of September 30, 2024, the total non-current assets included capital investments of $7.5 million in Oaxaca, Mexico, nil in Michigan, USA, and nil in Corporate and Other. As of December 31, 2023, the total non-current assets included capital investments of $11.0 million in Oaxaca, Mexico, $0.4 million in Michigan, USA, and nil in Corporate and Other.
Schedule of Condensed Consolidated Interim Statements of Operations of Company's segments	The following table shows selected information from the Condensed Consolidated Interim Statements of Operations relating to the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the three months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 13,272 ​ $ - ​ $ - ​ $ 13,272 Total mine cost of sales, including depreciation ​ ​ 21,907 ​ ​ 28 ​ ​ 7 ​ ​ 21,942 Exploration expense ​ ​ 767 ​ ​ 202 ​ ​ - ​ ​ 969 Total other costs and expenses, including G&A ​ ​ 1,294 ​ ​ 1,178 ​ ​ 2,001 ​ ​ 4,473 Income tax benefit ​ ​ (3,213) ​ ​ (369) ​ ​ (35) ​ ​ (3,617) Net loss ​ $ (7,483) ​ $ (1,039) ​ $ (1,973) ​ $ (10,495) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the three months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 20,552 ​ $ - ​ $ - ​ $ 20,552 Total mine cost of sales, including depreciation ​ ​ 24,359 ​ ​ 23 ​ ​ 581 ​ ​ 24,963 Exploration expense ​ ​ 1,540 ​ ​ 420 ​ ​ - ​ ​ 1,960 Total other costs and expenses, including G&A ​ ​ 166 ​ ​ 767 ​ ​ 2,696 ​ ​ 3,629 Income tax benefit ​ ​ (2,349) ​ ​ (42) ​ ​ (268) ​ ​ (2,659) Net loss ​ $ (3,164) ​ $ (1,168) ​ $ (3,009) ​ $ (7,341) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oaxaca, Mexico ​ Michigan, USA ​ Corporate and Other ​ Consolidated For the nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 52,756 ​ $ - ​ $ - ​ $ 52,756 Total mine cost of sales, including depreciation ​ ​ 67,081 ​ ​ 83 ​ ​ 23 ​ ​ 67,187 Exploration expense ​ ​ 1,850 ​ ​ 549 ​ ​ - ​ ​ 2,399 Total other costs and expenses, including G&A ​ ​ 2,909 ​ ​ 7,576 ​ ​ 3,983 ​ ​ 14,468 Income tax provision (benefit) ​ ​ 10,970 ​ ​ 211 ​ ​ (229) ​ ​ 10,952 Net loss ​ $ (30,054) ​ $ (8,419) ​ $ (3,777) ​ $ (42,250) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, net ​ $ 76,587 ​ $ - ​ $ - ​ $ 76,587 Total mine cost of sales, including depreciation ​ ​ 77,395 ​ ​ 65 ​ ​ 1,778 ​ ​ 79,238 Exploration expense ​ ​ 3,974 ​ ​ 1,265 ​ ​ - ​ ​ 5,239 Total other costs and expenses, including G&A ​ ​ 869 ​ ​ 981 ​ ​ 7,886 ​ ​ 9,736 Income tax benefit ​ ​ (3,911) ​ ​ (479) ​ ​ (276) ​ ​ (4,666) Net loss ​ $ (1,740) ​ $ (1,832) ​ $ (9,388) ​ $ (12,960) ​

Going Concern (Details)

Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income loss	$ 10,495	$ 7,341	$ 42,250	$ 12,960
Cash and cash equivalents	$ 1,352		$ 1,352		$ 6,254

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Realized gain (loss) - embedded derivative, net	$ 344	$ (633)	$ 1,333	$ 249
Unrealized gain (loss) - embedded derivative, net	(398)	972	(240)	(454)
Total sales, net	13,272	20,552	52,756	76,587
Dore
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges		(3)	(6)	(45)
Total concentrate sales, net		433	19	2,760
Gold Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net		417	24	2,685
Silver Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net		19	1	120
Concentrate
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges	(1,394)	(2,785)	(4,410)	(9,255)
Total concentrate sales, net	13,326	19,780	51,644	74,032
Gold Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	3,416	7,273	17,173	25,844
Silver Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	5,424	4,900	17,332	18,082
Copper Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	917	2,049	5,099	7,792
Lead Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	918	2,060	3,342	7,807
Zinc Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	4,045	6,283	13,108	23,762
Co-products
Disaggregation of Revenue [Line Items]
Realized gain (loss) - embedded derivative, net	$ 200	$ (700)	$ 500	$ (400)

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Stockpiles - underground mine	$ 327	$ 534
Concentrates	928	1,768
Dore, net	169	169
Subtotal - product inventories	1,424	2,471
Materials and supplies	6,400	6,823
Total	7,824	9,294
Materials and supplies
Inventory reserve	$ 500	$ 500

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 MXN ($)
Income Taxes [Line Items]
Income tax (benefit) provision	$ (3,617)	$ (2,659)	$ 10,952	$ (4,666)
Withholding tax on dividends			10%
Dividend withholding tax between countries			5%
Liability for uncertain tax positions	$ 0		$ 0		$ 0
Effective tax rate			21%
CANADA
Income Taxes [Line Items]
Canada income tax rate	26.50%		26.50%
Mexico
Income Taxes [Line Items]
MITL corporate income tax rate	37.50%		37.50%
MITL royalty tax on mining concessions	7.50%		7.50%
Royalty fee as percent of gross revenue			0.50%
Amortization rate			10%
MITL corporate income tax rate excluding mining tax			30%
Mining tax rate			7.50%
Valuation allowance	$ 17,900		$ 17,900
Amortization period			10 years
Mexican Tax Administration Services | Tax Year 2015
Income Taxes [Line Items]
Possible sanction						$ 17,000	$ 331

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) $ in Thousands, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 MXN ($)
Prepaid Expenses And Other Current Assets [Line Items]
Advances to suppliers	$ 47		$ 266
Prepaid insurance	1,757		1,103
Prepaid income tax	3,965		4,589
Other current assets	1,614		654
Total	7,383		6,612
Income taxes paid	1,088	$ 7,064
Expected income tax payments	0
IVA taxes receivable, net	$ 1,300		400
Don David Gold Mine
Prepaid Expenses And Other Current Assets [Line Items]
Income taxes paid			$ 4,000	$ 76

Property, Plant, and Mine Dev_3

Property, Plant, and Mine Development, net - Summary of Property, Plant, and Mine Development (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, equipment and mine development - net
Property and equipment, gross	$ 302,549	$ 295,020
Accumulated depreciation and amortization	(171,661)	(156,394)
Total property, equipment and mine development - net	130,888	138,626
Asset retirement costs ("ARO asset")
Property, equipment and mine development - net
Property and equipment, gross	6,227	6,227
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	1,147	243
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross	1,762	1,781
Land
Property, equipment and mine development - net
Property and equipment, gross	9,033	9,033
Mineral interests
Property, equipment and mine development - net
Property and equipment, gross	79,543	79,543
Light vehicles and other mobile equipment
Property, equipment and mine development - net
Property and equipment, gross	2,118	2,126
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	44,617	42,887
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	36,463	36,396
Mine Development
Property, equipment and mine development - net
Property and equipment, gross	120,084	115,230
Software and licenses
Property, equipment and mine development - net
Property and equipment, gross	$ 1,555	$ 1,554

Property, Plant, and Mine Dev_4

Property, Plant, and Mine Development, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant, and Mine Development, net
Depreciation and amortization expense	$ 4.2	$ 5.8	$ 14.2	$ 19.5

Other Non-current Assets (Detai

Other Non-current Assets (Details) $ in Thousands, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Other Non-current Assets
Other non-current assets	$ 82		$ 170
Total	2,347		5,464
Investment in Maritime
Other Non-current Assets
Equity Investment	0		1,596
Investment in Green Light Metals
Other Non-current Assets
Equity Investment	$ 2,300	$ 3.1	$ 3,698

Other Non-current Assets - Narr

Other Non-current Assets - Narrative (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions						9 Months Ended
	Sep. 23, 2024 USD ($) $ / shares	Sep. 23, 2024 CAD ($)	Dec. 28, 2022 shares	Sep. 22, 2022 USD ($) shares	Sep. 22, 2022 CAD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 23, 2024 $ / shares	Dec. 31, 2023 USD ($)
Other Non-current Assets
Proceeds from the sale of investment in Maritime | $						$ 1,178
Investment in Green Light Metals
Other Non-current Assets
Number of shares received in conversion of promissory note | shares			12,250,000
Investment in Maritime
Other Non-current Assets
Number of shares purchased or received | shares				47	47
Fair Value of Investment | $						0			$ 1,596
Investment made				$ 1,700	$ 2.4
Equity ownership, investee, percentage				9.90%	9.90%
Investment, Type [Extensible Enumeration]				Common shares	Common shares
share sold price per share | (per share)	$ 0.034							$ 0.034
Proceeds from the sale of investment in Maritime	$ 1,200	$ 1.6
Investment in Green Light Metals
Other Non-current Assets
Fair Value of Investment						2,300	$ 3.1		3,698
Ownership percentage			28.50%
Number of shares received in conversion of promissory note | shares			12,250,000
Investment in Green Light Metals | Investment in Green Light Metals
Other Non-current Assets
Fair Value of Investment | $						$ 2,300			$ 3,700
Ownership percentage						28.50%	28.50%

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Liabilities
Accrued royalty payments	$ 650	$ 726
Accrual for short-term incentive plan	737	764
Share-based compensation liability - current	89	67
Equipment financing	1,041
Employee profit sharing obligation	5	67
Other payables	824	888
Total accrued expenses and other current liabilities	3,346	2,512
Other Liabilities, Noncurrent [Abstract]
Accrued non-current labor obligation	1,609	1,167
Share-based compensation liability	415	320
Other long-term liabilities	7	29
Total other non-current liabilities	$ 2,031	$ 1,516

Gold and Silver Stream Agreem_3

Gold and Silver Stream Agreements - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred revenue	$ 51,288	$ 44,932
Gold Stream Agreement
Deferred revenue	24,047	21,002
Silver Stream Agreement
Deferred revenue	$ 27,241	$ 23,930

Gold and Silver Stream Agreem_4

Gold and Silver Stream Agreements - Narrative (Details)	1 Months Ended	9 Months Ended
	Jun. 30, 2020 USD ($) oz	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2017 USD ($)
Discount rate (as a percent)		6%
Deferred revenue		$ 51,288,000	$ 44,932,000
Gold Stream Agreement
Discount rate (as a percent)		6%
Deferred revenue		$ 24,047,000	21,002,000
Gold Stream Agreement | Aquila Resources Inc. | Gold
Amount committed	$ 50,000,000			$ 55,000,000
Cash acquisition costs	20,000,000
Deposit amount	5,000,000
Project debt finance first draw down	$ 25,000,000
Initial term of agreement	40 years
Automatic renewal term of agreement	10 years
Deferred revenue		20,000,000
Deposit liability		$ 30,000,000
Threshold stream (as a percent)	18.50%
Production Threshold | oz	105,000
Trail stream (as a percent)	9.25%
Spot price of gold (as a percent)	30%
Maximum amount receivable on gold per ounce	$ 600
Gold Stream Agreement | Gold Resources Acquisition Company | Aquila Resources Inc. | Gold
Ownership percentage	100%
Silver Stream Agreement
Discount rate (as a percent)		6%
Deferred revenue		$ 27,241,000	$ 23,930,000
Silver Stream Agreement | Aquila Resources Inc. | Silver
Cash acquisition costs		17,200,000
Deposit amount	$ 0
Initial term of agreement	40 years
Automatic renewal term of agreement	10 years
Deferred revenue		$ 17,200,000
Commodity produced (as a percent)	85%
Threshold price of silver at which deposit received is adjusted	$ 4

Reclamation and Remediation - C

Reclamation and Remediation - Changes (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities - balance at beginning of period	$ 2,233	$ 1,949
Foreign currency exchange (gain) loss	(311)	284
Reclamation liabilities - balance at end of period	1,922	2,233
Asset retirement obligation - balance at beginning of period	9,562	8,417
Changes in estimate		(1,221)
Liability for Aquila drillhole capping		404
Accretion	528	689
Foreign currency exchange (gain) loss	(1,331)	1,273
Asset retirement obligation - balance at end of period	8,759	9,562
Total period end balance	$ 10,681	$ 11,795

Reclamation and Remediation - N

Reclamation and Remediation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Dec. 31, 2022
Decrease in estimated liability	$ 1,200
Asset retirement obligation	9,562	$ 8,759	$ 8,417
Reclamation and remediation liabilities	11,795	10,681
Reclamation liabilities	2,233	$ 1,922	$ 1,949
Reclamation and remediation discount rate		8%
Don David Gold Mine
Asset retirement obligation	9,600	$ 8,800
Reclamation liabilities	$ 2,200	$ 1,900

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands, $ in Millions	Dec. 30, 2013 CAD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 10, 2021 USD ($)
Leases [Line Items]
Equipment purchase commitments		$ 1,300	$ 800
Contingent consideration		3,336	3,548		$ 4,390
Contingent consideration		3,336	3,548		2,179
Contingent consideration, current					$ 2,211
HudBay Michigan Inc
Leases [Line Items]
Percentage of voting equity interests acquired	100%
Back Forty Project
Leases [Line Items]
Contingent consideration due upon project financing intended to pay				$ 3
Aquila Resources Inc. | Gold and silver streaming agreement with OBL | Back Forty Project
Leases [Line Items]
Deposit amount						$ 37,200
Aquila Resources Inc. | Back Forty Project
Leases [Line Items]
Percentage of ownership interest held	100%
Contingent consideration	$ 9	$ 3,300
Contingent consideration due upon project financing	$ 3
Percentage of contingent consideration payable in shares	50%
Contingent consideration payable in shares	$ 3
Contingent consideration			$ 3,500
Aquila Resources Inc. | Back Forty Project | 90 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	2
Aquila Resources Inc. | Back Forty Project | 270 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	2
Aquila Resources Inc. | Back Forty Project | 450 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	$ 2
HudBay Michigan Inc | HudBay Michigan Inc
Leases [Line Items]
Percentage of net smelter return royalty on production	1%
HudBay Michigan Inc | Back Forty Project
Leases [Line Items]
Percentage of voting equity interests acquired at the asset acquisition date tied to the development of project	51%
Percentage of ownership purchase to be prevented			51%	51%

Commitments and Contingencies -

Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies.
Beginning Balance of continent consideration: Current contingent consideration		$ 2,211
Beginning Balance of continent consideration: Non-current contingent consideration	$ 3,548	2,179
Beginning Balance of continent consideration: Total contingent consideration	3,548	4,390
Change in value of contingent consideration - Current		(2,211)
Change in value of contingent consideration - Non-current	(212)	1,369
Ending Balance of continent consideration: Non-current contingent consideration	3,336	3,548
Ending Balance of continent consideration: Total contingent consideration	$ 3,336	$ 3,548

Shareholders' Equity (Details)

Shareholders' Equity (Details) - ATM Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sale Price of Common Stock Renewed			$ 14.9
Common stock sold	1,230,180	130,199	4,708,993	130,199
Net proceeds	$ 0.6		$ 2.4
Commissions and other expenses		$ 0.1		$ 0.1

Derivatives (Details)

Derivatives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / t $ / oz oz t
Embedded Derivative [Line Items]
Unsettled sales contracts value	$ 17,135
Gold
Embedded Derivative [Line Items]
Under contract | oz	1,104
Average forward price | $ / oz	2,523
Unsettled sales contracts value	$ 2,785
Silver
Embedded Derivative [Line Items]
Under contract | oz	202,922
Average forward price | $ / oz	30.10
Unsettled sales contracts value	$ 6,108
Copper
Embedded Derivative [Line Items]
Under contract | t	53
Average forward price | $ / t	9,352
Unsettled sales contracts value	$ 496
Lead
Embedded Derivative [Line Items]
Under contract | t	779
Average forward price | $ / t	2,074
Unsettled sales contracts value	$ 1,616
Zinc
Embedded Derivative [Line Items]
Under contract | t	2,187
Average forward price | $ / t	2,803
Unsettled sales contracts value	$ 6,130

Employee Benefits (Details)

Employee Benefits (Details)		9 Months Ended
	Apr. 23, 2021	Sep. 30, 2024
Employee Benefits
Defined contribution plan maximum percentage amount of the employee's gross pay that the employee can contribute		90%
Percentage Of Statutory Profit Sharing Payable	10%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	Sep. 30, 2024	Dec. 31, 2023
Additionally number of shares granted	5
Accrued liabilities	$ 3,346	$ 2,512
STIP
Accrued liabilities	$ 700

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense	$ 203	$ (102)	$ 647	$ 502
Employee Stock Option [Member]
Stock-based compensation expense		10	22	250
Restricted stock units
Stock-based compensation expense	184	95	441	422
Performance stock units
Stock-based compensation expense	9	(118)	137	(150)
Deferred stock units
Stock-based compensation expense	$ 10	$ (89)	$ 47	$ (20)

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity under Incentive Plan (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning Balance (in shares)	840,612	1,475,316
Expired or Forfeited (in shares)		(414,569)
Grant / Exercise / Forfeiture (in shares)	0
Outstanding, Ending Balance (in shares)	840,612	1,060,747
Vested and exercisable (in shares)	840,612
Weighted Average Exercise Price
Outstanding Weighted Average Exercise Price, Beginning Balance	$ 2.99	$ 2.90
Weighted Average Exercise Price, Grant / Exercise / Forfeiture	0
Weighted Average Exercise Price, Expired or Forfeited		2.69
Outstanding Weighted Average Exercise Price, Ending Balance	2.99	$ 2.98
Weighted Average Exercise Price, Vested and exercisable as of end of period	$ 2.99

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU activity under Incentive Plan (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Shares
Nonvested, Beginning Balance (in shares)	847,255	575,548
Granted (in shares)	832,091	779,192
Granted in lieu of bonus	637,929
Vested but not redeemed (deferred) (in shares)	(134,257)	(106,955)
Vested and redeemed (in shares)	(119,997)	(100,057)
Vested and forfeited for net settlement (in shares)	(76,994)	(30,181)
Forfeited (in shares)	(54,769)	(270,292)
Nonvested, Ending Balance (in shares)	1,931,258	847,255
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding	$ 675	$ 363	$ 319	$ 881

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PSU activity under the Incentive Plan (Details) - Performance Shares [Member] - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Shares
Nonvested, Beginning Balance (in shares)	880,926	695,041
Granted (in shares)	682,367	534,890
Forfeited (in shares)	(33,113)	(349,005)
Redeemed (in shares)	(201,258)
Nonvested, Ending Balance (in shares)	1,328,922	880,926
Liability Balance
Liability Balance	$ 235	$ 182	$ 164	$ 332

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of DSU activity under the Incentive Plan (Details) - Deferred Stock Units [Member] - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning Balance (in shares)	586,291	360,699
Granted (in shares)		278,663
Granted in lieu of board fees (in shares)	183,208	63,624
Granted in lieu of executive bonus (in shares)		212,407
Redeemed (in shares)		(373,489)
Nonvested, Ending Balance (in shares)	769,499	541,904
Liability Balance
Liability Balance	$ 269	$ 233	$ 223	$ 552

Other Expense, Net (Details)

Other Expense, Net (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Unrealized currency exchange loss	$ 889,000	$ 260,000	$ 2,220,000	$ 599,000
Realized currency exchange loss (gain)	75,000	(7,000)	(82,000)	302,000
Realized and unrealized (gain) loss from gold and silver rounds, net	(19,000)	2,000	(35,000)	(1,000)
Realized Loss from sale of investments	555,000		555,000
Loss on disposal of fixed assets				12,000
Interest on streaming liabilities	1,260,000	688,000	6,356,000	1,237,000
Severance	277,000	664,000	953,000	1,541,000
Other (income) expense	(60,000)	360,000	879,000	457,000
Total	2,977,000	$ 1,967,000	10,846,000	$ 4,147,000
Investment in Maritime
Realized Loss from sale of investments	$ 0		$ 0		$ 1,600,000

Net Loss per Common Share - Nar

Net Loss per Common Share - Narrative (Details) - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net Loss per Common Share
Stock options excluded from computation of diluted weighted average share outstanding	0.8	1.1
Shares excluded from weighted average shares outstanding, exercise price	$ 2.99	$ 2.98

Net Loss per Common Share - Cal

Net Loss per Common Share - Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Loss per Common Share
Net loss	$ (10,495)	$ (7,341)	$ (42,250)	$ (12,960)
Basic weighted average common shares outstanding	93,279,750	88,499,327	91,005,507	88,458,276
Diluted weighted average common shares outstanding	93,279,750	88,499,327	91,005,507	88,458,276
Basic net loss per common share:
Basic net loss per common share	$ (0.11)	$ (0.08)	$ (0.46)	$ (0.15)
Diluted net loss per common share:
Diluted net loss per common share	$ (0.11)	$ (0.08)	$ (0.46)	$ (0.15)

Fair Value Measurement (Details

Fair Value Measurement (Details) $ / shares in Units, $ / shares in Units, $ in Millions						3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 23, 2024 USD ($) $ / shares	Sep. 23, 2024 CAD ($)	Dec. 28, 2022 shares	Sep. 22, 2022 USD ($)	Sep. 22, 2022 CAD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 CAD ($) $ / shares	Sep. 23, 2024 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from the sale of investment in Maritime							$ 1,178,000
Realized Loss						$ 555,000	555,000
Maritime Resources Corp
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment made				$ 1,700,000	$ 2.4
Equity Investment						0	0	$ 1,596,000
Share price | $ / shares										$ 0.034
share sold price per share | (per share)	$ 0.034									$ 0.034
Investment, Type [Extensible Enumeration]				Common shares	Common shares
Proceeds from the sale of investment in Maritime	$ 1,200,000	$ 1.6
Realized Loss						0	0	1,600,000
Investment in Green Light Metals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage			28.50%
Number of shares received in conversion of promissory note | shares			12,250,000
Equity Investment						2,300,000	2,300,000	3,698,000	$ 3.1
Share price | $ / shares									$ 0.25
Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized derivative gain (loss), net							14,000	300,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents						1,352,000	1,352,000	6,254,000
Investment in equity securities								1,596,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable, net						5,413,000	5,413,000	4,335,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in equity securities						$ 2,265,000	$ 2,265,000	$ 3,698,000

Fair Value Measurement - Statem

Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales, net
Fair Value Statement Of Income Classification [Line Items]
Realized and unrealized derivative gain (loss), net	$ (54)	$ 339	$ 1,093	$ (205)

Fair Value Measurement - Realiz

Fair Value Measurement - Realized Unrealized Derivatives, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Realized gain (loss)	$ 345	$ (633)	$ 1,334	$ 249
Unrealized (loss) gain	(399)	972	(241)	(454)
Total realized/unrealized derivatives, net	(54)	339	1,093	(205)
Gold
Derivatives, Fair Value [Line Items]
Realized gain (loss)	57	10	443	251
Unrealized (loss) gain	(6)	(40)	(42)	(121)
Total realized/unrealized derivatives, net	51	(30)	401	130
Silver
Derivatives, Fair Value [Line Items]
Realized gain (loss)	130	16	415	361
Unrealized (loss) gain	(215)	(34)	(83)	(339)
Total realized/unrealized derivatives, net	(85)	(18)	332	22
Copper
Derivatives, Fair Value [Line Items]
Realized gain (loss)	(48)	(38)	79	8
Unrealized (loss) gain	34	38	(13)	(18)
Total realized/unrealized derivatives, net	(14)		66	(10)
Lead
Derivatives, Fair Value [Line Items]
Realized gain (loss)	46	19	39	167
Unrealized (loss) gain	(68)	(129)	6	(139)
Total realized/unrealized derivatives, net	(22)	(110)	45	28
Zinc
Derivatives, Fair Value [Line Items]
Realized gain (loss)	160	(640)	358	(538)
Unrealized (loss) gain	(144)	1,137	(109)	163
Total realized/unrealized derivatives, net	$ 16	$ 497	$ 249	$ (375)

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplementary Cash Flow Information
Unrealized (gain) loss on gold and silver rounds			$ (35)	$ (3)
Unrealized foreign currency exchange (gain) loss	$ 889	$ 260	2,220	599
Unrealized loss on equity investments			1,168	350
Other			1,093	264
Total other operating adjustments, net			$ 4,446	$ 1,210

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of geographic regions | segment			3
Balance sheet information
Total current assets	$ 21,972		$ 21,972			$ 26,495
Total non-current assets	133,474		133,474			157,391
Total assets	155,446		155,446			183,886
Total current liabilities	15,879		15,879			11,325
Total non-current liabilities	82,258		82,258			75,868
Total shareholders' equity	57,309	$ 99,514	57,309	$ 99,514	$ 67,021	96,693	$ 106,701	$ 111,764
Total liabilities and shareholders' equity	155,446		155,446			183,886
Income statement information
Sales, net	13,272	20,552	52,756	76,587
Total mine cost of sales, including depreciation	21,942	24,963	67,187	79,238
Exploration expense	969	1,960	2,399	5,239
Total other costs and expenses, including G&A	4,473	3,629	14,468	9,736
Income tax provision (benefit)	(3,617)	(2,659)	10,952	(4,666)
Net income (loss)	(10,495)	(7,341)	(42,250)	(12,960)
Oaxaca, Mexico
Income statement information
Exploration expense	767	1,540	1,850	3,974
Michigan, USA
Income statement information
Exploration expense	202	420	549	1,265
Operating Segments | Oaxaca, Mexico
Balance sheet information
Total current assets	20,419		20,419			25,155
Total non-current assets	41,400		41,400			62,368
Total assets	61,819		61,819			87,523
Total current liabilities	14,538		14,538			10,029
Total non-current liabilities	12,688		12,688			12,559
Total shareholders' equity	34,593		34,593			64,935
Total liabilities and shareholders' equity	61,819		61,819			87,523
Capital investments	7,500		7,500			11,000
Income statement information
Sales, net	13,272	20,552	52,756	76,587
Total mine cost of sales, including depreciation	21,907	24,359	67,081	77,395
Exploration expense	767	1,540	1,850	3,974
Total other costs and expenses, including G&A	1,294	166	2,909	869
Income tax provision (benefit)	(3,213)	(2,349)	10,970	(3,911)
Net income (loss)	(7,483)	(3,164)	(30,054)	(1,740)
Operating Segments | Michigan, USA
Balance sheet information
Total current assets	66		66			116
Total non-current assets	91,770		91,770			93,287
Total assets	91,836		91,836			93,403
Total current liabilities	51		51			59
Total non-current liabilities	69,148		69,148			62,792
Total shareholders' equity	22,637		22,637			30,552
Total liabilities and shareholders' equity	91,836		91,836			93,403
Capital investments	0		0			400
Income statement information
Total mine cost of sales, including depreciation	28	23	83	65
Exploration expense	202	420	549	1,265
Total other costs and expenses, including G&A	1,178	767	7,576	981
Income tax provision (benefit)	(369)	(42)	211	(479)
Net income (loss)	(1,039)	(1,168)	(8,419)	(1,832)
Corporate and Other
Balance sheet information
Total current assets	1,487		1,487			1,224
Total non-current assets	304		304			1,736
Total assets	1,791		1,791			2,960
Total current liabilities	1,290		1,290			1,237
Total non-current liabilities	422		422			517
Total shareholders' equity	79		79			1,206
Total liabilities and shareholders' equity	1,791		1,791			2,960
Capital investments	0		0			$ 0
Income statement information
Total mine cost of sales, including depreciation	7	581	23	1,778
Total other costs and expenses, including G&A	2,001	2,696	3,983	7,886
Income tax provision (benefit)	(35)	(268)	(229)	(276)
Net income (loss)	$ (1,973)	$ (3,009)	$ (3,777)	$ (9,388)