Gatos Silver (GATO) 10-K/A 6 May 24 2023 FY Annual report (amended) Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	May 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39649
Entity Registrant Name	GATOS SILVER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2654848
Entity Address, Address Line One	925 W Georgia Street
Entity Address, Address Line Two	Suite 910
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 3L2
City Area Code	(604)
Local Phone Number	424-0984
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GATO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Entity Shell Company	false
Entity Public Float			$ 178,256,662
Entity Common Stock, Shares Outstanding		69,181,047
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE None.
Entity Central Index Key	0001517006
Amendment Flag	true
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Description	EXPLANATORY NOTEReferences throughout this Amendment No. 1 to the Annual Report on Form 10-K to “we,” “us,” “Gatos Silver,” “Company” or “our Company” are to Gatos Silver Inc., unless the context otherwise indicates.This Amendment No. 1 (“Amendment No. 1”) amends the Annual Report on Form 10-K of Gatos Silver, Inc. for the fiscal year ended December 31, 2023 (“Affected Period”), as filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024 (the “Original Filing”).This Amendment No. 1 contains the restated financial statements for the Company for the Affected Period to correct the classification of the capital distributions received from the Los Gatos Joint Venture (“LGJV”) on the Statement of Cash Flows for the year ended December 31, 2023. Based on management's judgement the Company considered the declaration of the capital distribution (in its legal form) to be the nature of the activity that generated the cash flow and, therefore, classified capital distributions as cash provided by investing activities on the Consolidated Statements of Cash Flows. On further analysis, it was determined that management should have considered the underlying source of the cash flow at the LGJV that generated the funds for the capital distributions when determining its classification on the Company's Consolidated Statements of Cash Flows. The capital distributions received previously classified as cash flow provided by investing activities should have been classified as cash flows provided by operating activities. The Consolidated Balance Sheets and balance of cash and cash equivalents at December 31, 2023, and the Consolidated Statements of Income and Comprehensive Income and the Consolidated Statements of Shareholders’ Equity for the year ended December 31, 2023, are not impacted by this change. The combined financial statements of the LGJV are also not impacted by this misclassification. See Note 3. Restatement of Previously Issued Financial Statements to the consolidated financial statements included herein for additional information. This Amendment No. 1 contains the following sections:•Item 1A. Risk Factors - We have identified material weaknesses in our internal control over financial reporting. If we fail to remediate these deficiencies (or fail to identify and/or remediate other possible material weaknesses), we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, which may adversely affect investor confidence in us and, as a result, the value of our common stock.•Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations•Item 8. Financial Statements and Supplementary Data•Item 9A. Controls and Procedures; and•Exhibits 23, 31, 32, 101 and 104 of Item 15. Exhibits and Financial Statement Schedules.Except as described above and as further described in Note 3 to the consolidated financial statements in this Form 10K/A, this Amendment No. 1 does not amend, update or change any other items or disclosures contained in the Original Filing, and accordingly, this Amendment No. 1 does not reflect or purport to reflect any information or events occurring after the date of the Original Filing or modify or update those disclosures affected by subsequent events. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and the Company’s other filings with the SEC. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Filing.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	1263

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 55,484	$ 17,004
Related party receivables	560	1,773
Other current assets	22,642	16,871
Total current assets	78,686	35,648
Non-Current Assets
Investment in affiliates	321,914	347,793
Deferred tax assets	266	0
Other non-current assets	38	60
Total Assets	400,904	383,501
Current Liabilities
Accounts payable, accrued and other liabilities	33,357	26,358
Non-Current Liabilities
Credit Facility, net of debt issuance costs	0	8,661
Stockholders’ Equity
Common Stock, $0.001 par value; 700,000,000 shares authorized; 69,181,047 and 69,162,223 shares outstanding as of December 31, 2023 and December 31, 2022, respectively	117	117
Paid-in capital	553,319	547,114
Accumulated deficit	(185,889)	(198,749)
Total stockholders’ equity	367,547	348,482
Total Liabilities and Stockholders’ Equity	$ 400,904	$ 383,501

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares, outstanding (in shares)	69,181,047	69,162,223

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expenses
Exploration	$ 26	$ 110
General and administrative	25,688	25,468
Amortization	79	180
Total expenses	25,793	25,758
Other income (expense)
Equity income in affiliates	33,622	45,230
Legal settlement loss	(1,500)	(7,900)
Interest expense	(679)	(433)
Interest income	1,332	154
Other income	5,992	4,801
Total net other income	38,767	41,852
Income before taxes	12,974	16,094
Income tax expense	114	1,565
Net income	12,860	14,529
Comprehensive income	$ 12,860	$ 14,529
Net income per share:
Basic (in dollars per share)	$ 0.19	$ 0.21
Diluted (in dollars per share)	$ 0.18	$ 0.21
Weighted average shares outstanding:
Basic (in shares)	69,163,564	69,162,223
Diluted (in shares)	69,536,298	69,309,019

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Stock options	Deferred Stock Units	Common Stock	Paid-in Capital	Paid-in Capital Stock options	Paid-in Capital Deferred Stock Units	Accumulated deficit
Beginning balance, common stock (in shares) at Dec. 31, 2021				69,162,223
Equity, attributable to parent, beginning balance at Dec. 31, 2021	$ 331,222			$ 117	$ 544,383			$ (213,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation and Deferred Stock Unit compensation	2,731				2,731
Net income	$ 14,529							14,529
Ending balance, common stock (in shares) at Dec. 31, 2022	69,162,223			69,162,223
Equity, attributable to parent, ending balance at Dec. 31, 2022	$ 348,482			$ 117	547,114			(198,749)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation and Deferred Stock Unit compensation		$ 5,336	$ 869			$ 5,336	$ 869
Deferred Stock Units converted to common stock (in shares)				18,824
Net income	$ 12,860							12,860
Ending balance, common stock (in shares) at Dec. 31, 2023	69,181,047			69,181,047
Equity, attributable to parent, ending balance at Dec. 31, 2023	$ 367,547			$ 117	$ 553,319			$ (185,889)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 12,860	$ 14,529
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization	79	180
Stock-based compensation expense	5,336	2,840
Equity income in affiliates	(33,622)	(45,230)
Other	1,159	199
Deferred tax recovery	(266)	0
Distributions and dividends from affiliate	59,500	30,775
Changes in operating assets and liabilities:
Receivables from related‑parties	1,213	(180)
Accounts payable and other accrued liabilities	6,992	24,632
Other current assets	(5,771)	(13,191)
Net cash (used) provided by operating activities	47,480	14,554
INVESTING ACTIVITIES
Purchase of property, plant and equipment	0	(60)
Net cash provided (used) by investing activities	0	(60)
FINANCING ACTIVITIES
Credit Facility repayment	(9,000)	(4,000)
Financing costs	0	(106)
Net cash used by financing activities	(9,000)	(4,106)
Net increase in cash and cash equivalents	38,480	10,388
Cash and cash equivalents, beginning of period	17,004	6,616
Cash and cash equivalents, end of period	55,484	17,004
Interest paid	417	645
Supplemental disclosure of noncash transactions:
Recognition of Right of Use Asset and Lease Liability	$ 0	$ 128

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Organization and Nature of Business Gatos Silver, Inc. and its subsidiaries (“Gatos Silver” or “the Company”) is a silver dominant exploration, development and production company that discovered a new silver, lead and zinc-rich mineral district in southern Chihuahua State, Mexico. The Company’s primary efforts are focused on the operation of the Los Gatos Joint Venture (“LGJV”) in Chihuahua, Mexico. On January 1, 2015, the Company entered into the LGJV to develop the Los Gatos District (“LGD”) with Dowa Metals and Mining Co., Ltd. (“Dowa”). The LGJV Operating entities consisted of Minera Plata Real S. de R.L. de C.V (“MPR”), Operaciones San Jose del Plata S. de R.L. de C.V. and Servicios San Jose del Plata S. de R.L. de C.V. (“Servicios”) (collectively, the “LGJV Entities”). Effective July 15, 2021, Servicios was merged into MPR. Dowa acquired a 30% interest in the LGJV and the right to purchase future zinc-concentrate production at market rates by completing its $50,000 funding requirement on April 1, 2016. The LGJV completed a feasibility study in January 2017 and the latest Los Gatos Technical Report was filed on October 20, 2023, with an effective date of July 1, 2023. In May 2019, Dowa increased its ownership interest by 18.5% to 48.5% through the conversion of the Dowa MPR Loan to equity. On March 11, 2021, the Company repurchased the 18.5% interest from Dowa for a total consideration of $71,550, including Dowa holding costs of this incremental interest, increasing the Company’s ownership in the LGJV Entities to 70.0%. These transactions resulted in a $47,400 higher basis than the underlying net assets of the LGJV Entities. See Note 10 - Commitment, Contingencies and Guarantees for further discussion. The LGJV ownership is currently 70% Gatos Silver and 30% Dowa ("LGJV Partners"). Despite owning the majority interest in the LGJV, the Company does not exercise control over the LGJV due to certain provisions contained in the Unanimous Omnibus Partner Agreement that currently require unanimous partner approval of all major operating decisions, as a result the Company accounts for the LGJV as an equity method investment. On September 1, 2019, the LGJV commenced commercial production of its two concentrate products: a lead concentrate and a zinc concentrate. The LGJV’s lead and zinc concentrates are currently sold to third-party customers.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation and Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) and include the accounts of Gatos Silver and its subsidiaries, GSC and MLS. All Company subsidiaries are consolidated. All significant intercompany balances and transactions have been eliminated. Equity method investment The Company accounts for its investment in affiliates using the equity method of accounting whereby, after valuing the initial investment, the Company recognizes its proportional share of results of operations of the affiliate in its consolidated financial statements. The value of equity method investments are adjusted if it is determined that there is an other-than-temporary decline in value. The Company’s investment in the LGJV Entities is presented as Investment in affiliates in the consolidated balance sheet. The basis difference between the carrying amount of the investment in affiliates and the Company’s equity in the LGJV Entities’ net assets is due to value of the LGJV mineral resources. This basis difference is amortized on a units of production basis as the mineral resource is mined. Distributions from Investment in Affiliate Distributions received are classified on the basis of the nature of the activity or activities of the LGJV that generated the distribution. Returns on capital are recorded as an operating cash flow whereas returns of capital distributions are recorded as an investing cash flow. Use of estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates are valuation of stock and stock options; valuation allowances for deferred tax assets; and the fair value of financial instruments and investment in affiliates. At the LGJV, significant items subject to such estimates and assumptions include mineral properties, life of mine revenue and cost assumptions, mineral resource conversion rates to mineral reserves; environmental reclamation and closure obligations and valuation allowances for deferred tax assets. Functional currency and translation of foreign currencies The U.S. dollar is the functional currency of the Company and its subsidiaries. Monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting gains or losses reported in foreign exchange (gain) loss in the statement of income. Non-monetary assets and liabilities are translated at historical exchange rates. Expenses and income items denominated in foreign currencies are translated into U.S. dollars at historical exchange rates. Cash and cash equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less when purchased to be cash equivalents. Other than temporary impairment - investment A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of such losses might include, but are not limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. A current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. If circumstances require an investment is tested for an other than temporary decline in value, the Company will first estimate the fair value of the investment based on discounted cash flows then compare it to the carrying value of the investment. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Stock-based compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. Stock-based compensation expense is included as a component of general and administrative expense over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The initial fair value of performance share units (“PSUs”), which are subject to vesting based on the Company’s attainment of a pre-established market performance goals, is estimated using a Monte Carlo simulation valuation model. The fair value of Restricted Stock Units ("RSUs") is based on the Company's stock price on the date of grant and vest on the third anniversary of the grant date, unless otherwise specified. The fair value of Deferred Stock Units ("DSUs") is based on the Company's stock price on the date of the grant and DSUs vest on the grant date. The Company’s estimates may be impacted by certain variables including, but not limited to, stock price volatility, estimates of forfeitures, the risk-free interest rate, expected dividend yields, and the Company’s performance. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. Net income per share Basic and diluted earnings per share are presented for net income attributable to common shareholders. Basic net earnings per share is computed by dividing the net income available to common stockholders by the weighted-average number of common stock shares outstanding, for the respective period presented. Diluted net earnings per share is computed similarly, except that weighted-average common shares is increased to reflect the potential dilution that would occur if stock options were exercised, or DSUs, RSUs and PSUs were converted into common stock. The effects of the Company’s dilutive securities are excluded from the calculation of diluted weighted-average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Current tax comprises the expected tax payable on the taxable income for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted at the reporting date. Recently issued and adopted accounting standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) followed by ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), issued in January 2021, to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. Generally, the guidance is to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2023. The Company has not elected to use the optional guidance and continues to evaluate the options provided by ASU 2020-04 and ASU 2021-01. The Company concluded that this update does not have a material impact on its financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosures of Supplier Finance Program Obligations. The ASU requires entities that use supplier finance programs (that are in the scope of the ASU) in connection with the purchase of goods and services to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments are effective for all entities for fiscal years beginning after 15 December 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. In the period of initial adoption, the amendments should be applied retrospectively to all periods in which a balance sheet is presented, except for the roll forward requirement, which should be applied prospectively. The Company assessed the new guidance and concluded that this update does not have any impact on the financial statements. In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain amendments represent clarifications to or technical corrections of the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The Company is still assessing the impact of the standard. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments of this udpate are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still assessing the impact of this standard. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency, effectiveness and comparability of income tax disclosures. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. The Company is still assessing the impact of this standard. As of December 31, 2023, there are no additional recently issued or adopted accounting standard that could have a material impact on our financial statements.

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements In accordance with ASC 250, Accounting Changes and Error Corrections (“ASC 250”), the following item is treated as an error to the annual consolidated financial statements for the year ended December 31, 2023, and, therefore, requires that the consolidated financial statements be restated. Statement of Cash flows During the preparation of the financial statements for the three months ended March 31, 2024, the Company identified that the capital distributions received from its investment in affiliate classified as cash provided by investing activities on the Consolidated Statements of Cash Flows should have been classified as cash provided by operating activities. Based on management's judgement, the Company considered the declaration of the capital distribution (in its legal form) to be the nature of the activity that generated the cash flow and, therefore, classified capital distributions as cash provided by investing activities on the Consolidated Statements of Cash Flows. On further analysis it was determined that management should have considered the underlying source of the cash flow at the LGJV that generated the funds for the capital distributions when determining its classification on the Company's Consolidated Statements of Cash Flows. The capital distributions received previously classified as cash flow provided by investing activities should have been classified as cash flows provided by operating activities. The impact of the restatement on the Consolidated Statements of Cash Flows for the year ended December 31, 2023, is presented below. The Consolidated Balance Sheets and balance of cash and cash equivalents as of December 31, 2023, and the Consolidated Statements of Income and Comprehensive Income, Consolidated Statements of Stockholders’ Equity for the year ended December 31, 2023, are not impacted by this error. Year Ended December 31, 2023 Year Ended December 31, 2023 As previously reported Adjustment As restated Consolidated Statement of Cash Flows Distributions and dividends from affiliate — 59,500 59,500 Net cash (used) provided by operating activities (12,020) 59,500 47,480 Capital distribution received from affiliate 59,500 (59,500) — Net cash provided by investing activities 59,500 (59,500) —

Other Current Assets

Other Current Assets	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets December 31, 2023 December 31, 2022 Value added tax receivable $ 691 $ 730 Prepaid expenses 1,914 2,890 Insurance proceeds receivable 20,000 13,100 Other assets 37 151 Total other current assets $ 22,642 $ 16,871

Property, Plant and Equipment,

Property, Plant and Equipment, net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Mineral Properties Mining Concessions In Mexico, mineral concessions from the Mexican government can only be held by Mexican nationals or Mexican-incorporated companies. The concessions are valid for 50 years and are extendable provided the concessions are kept in good standing. For concessions to remain in good standing a semi-annual fee must be paid to the Mexican government and an annual report describing the work accomplished on the property must be filed. These concessions may be cancelled without penalty with prior notice to the Mexican government. MLS is the concession holder of a series of claims titles granted by the Mexican government. Santa Valeria Concession The Company holds Santa Valeria concessions. If production commences, the Company is required to make a production royalty payment of 1% of the net smelter returns. The Company may terminate the agreement upon prior notice. The Company made no mineral lease payments in the years ended December 31, 2023 and 2022.

Accounts Payable, Accrued and O

Accounts Payable, Accrued and Other Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued and Other Liabilities	Accounts Payable, Accrued and Other Liabilities December 31, 2023 December 31, 2022 Accounts payable $ 2,713 $ 586 Accrued expenses 3,031 2,761 Accrued compensation 3,215 1,889 Legal settlement payable 24,000 21,000 Current tax payable 387 — Other liabilities 11 122 Total accounts payable, accrued and other liabilities $ 33,357 $ 26,358 The legal settlement payable is the liability recorded for the settlements of the class action lawsuit. See Note 11 Commitments, Contingencies and Guarantees, for further discussion on the U.S. and Canadian class action lawsuits and related settlement discussion.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions LGJV Under the Unanimous Omnibus Partner Agreement, the Company provides certain management and administrative services to the LGJV. The Company earned $6,000 and $5,000 under this agreement for the years ended December 31, 2023 and 2022, respectively, which have been recorded on the statement of income under other income. The Company received $6,417 and $5,417 in cash from the LGJV under this agreement for the years ended December 31, 2023 and 2022, respectively. The Company had receivables under this agreement of nil and $417 as of December 31, 2023 and 2022, respectively. The Company also incurs certain LGJV costs that are subsequently reimbursed by the LGJV. The Company seconds certain employees to the LGJV and charged $2,627 and $2,399 related to this arrangement in the years ended December 31, 2023 and 2022, respectively. The Company received $3,489 in cash and had a $250 receivable outstanding at December 31, 2023, and received $1,431 in cash and had $1,112 receivable outstanding at December 31, 2022, related to this arrangement.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company is authorized to issue 700,000,000 shares of $0.001 par value common stock and 50,000,000 shares of $0.001 par value preferred stock. As of December 31, 2023, 69,181,047 shares of common stock are outstanding, and no shares of preferred stock are outstanding. Stock-Based Compensation Equity Compensation Plan The Company has a Long-Term Incentive Plan under which options and shares of the Company’s common stock are authorized for grant or issuance as compensation to eligible employees, consultants, and members of the Board of Directors. Awards under the plan include stock options, stock appreciation rights, stock awards, deferred stock units, and performance awards. Stock options, performance share units, restricted stock units and deferred stock units have been granted by the Company in different periods. As of December 31, 2023, approximately 10.3 million shares of common stock were available for grant under the plan. The Company recognized stock-based compensation expense as follows: Year ended December 31, 2023 2022 Stock options $ 4,087 $ 2,621 Performance share units 203 219 Restricted stock units 1,046 — Total stock-based compensation $ 5,336 $ 2,840 Stock Option Transactions The Company’s stock options have a contractual term of 10 years and entitle the holder to purchase shares of the Company’s common stock. The stock options granted to the Company’s employees have a service period of three years. The stock options granted to non-employee directors vest immediately. The Company granted 1,132,520 stock options on September 11, 2023, and 134,225 stock options on November 9, 2023, with the weighted-average grant-date fair value per share of $2.93 and $2.77, respectively. In 2022, 100,000 stock options were granted with a weighted-average grant-date fair value per share of $5.83. The stock options granted in September 2023 represented a portion of 2022 compensation due to the Company being in an extended blackout period in 2022 and a portion of 2023. Of the stock options granted in 2023, 604,799 vested immediately, including stock options granted to non-employee directors. No stock options were exercised during the years ended December 31, 2023 and 2022. On December 31, 2023, there was $2,087 of unrecognized stock-based compensation expense related to stock options is expected to be recognized over a weighted-average period of 1.2 years. The following table summarizes the respective vesting start dates and number of options granted to employees and directors in 2023 and 2022: Recipient Options Granted Vesting Start Date Grant Date Employees 100,000 January 18, 2022 January 18, 2022 Employees 1,044,705 September 11, 2023 September 11, 2023 Directors 87,815 September 11, 2023 September 11, 2023 Directors 134,225 November 9, 2023 November 9, 2023 The following assumptions were used to compute the fair value of the options granted using the Black-Scholes option valuation model: Jan. 2022 Sep. 2023 Nov. 2023 Risk-free interest rate 1.74 % 4.39 % 4.52 % Dividend yield — — — Estimated volatility 60.75 % 57.67 % 57.85 % Expected option life 6 years 6 years 6 years The Company’s estimated volatility computation was based on the historical volatility of a group of peer companies’ common stock over the expected option life and included both exploration stage and development stage companies. Prior to our IPO in October 2020, the Company's common stock was not publicly traded. As a result, the expected volatility assumption was based on peer information due to insufficient market trading history required to calculate a meaningful volatility factor. The computation of the expected option life was determined based on a reasonable expectation of the option life prior to being exercised or forfeited. The risk-free interest rate assumption was based on the U.S. Treasury constant maturity yield at the date of the grant over the expected life of the option. No dividends were expected to be paid. The following tables summarize the stock option activity for the year ended December 31, 2023: Employee & Director Options Options Weighted‑ Average Exercise Price Aggregate Intrinsic Value Weighted‑ Average Remaining Life (Years) Outstanding at December 31, 2022 1,701,530 $ 12.67 Granted 1,266,745 $ 5.01 Forfeited (289,760) $ 13.99 Expired (62,000) $ 12.00 Outstanding at December 31, 2023 2,616,515 $ 8.83 $ 2,090 9.86 Vested at December 31, 2023 1,848,486 $ 9.69 $ 2,053 9.07 The total fair value of stock options vested during the year ended December 31, 2023, was $6,344. At December 31, 2023, the Company had 32,393 LGJV-personnel stock options outstanding with weighted-average exercise price of $7.31 and weighted-average remaining life 2.0 years. There were no grants or exercises in the year ended December 31, 2023. Performance Share Unit Transactions On December 17, 2021, 119,790 PSUs were granted to the Company’s employees with a weighted average grant date fair value per share of $14.22. As at December 31, 2023, there were 40,802 PSUs outstanding. On December 31, 2023, unrecognized compensation expense related to the PSUs was $166, which is expected to be recognized over a weighted-average period of 1.0 year. There were no grants in the year ended December 31, 2023. Restricted Stock Unit Transaction s RSUs granted are reported as equity awards with a fair value of each RSU equal to the fair value of the Company's common stock on the grant date and vest on the third anniversary of the grant date or employee start date, in respect of the below-referred grants. Each earned RSU represents the right to receive one share of the Company's common stock. On September 11, 2023, the Company granted 925,172 RSUs with grant date fair value of $5.04 and have varying vesting dates due to the Company being in an extended blackout period in 2022 and a portion of 2023. Compensation expense is recognized ratably from the grant date over the requisite vesting period. On December 31, 2023, unrecognized compensation expense related to the RSUs was $3,617, which is expected to be recognized over a weighted-average period of 1.3 years. Deferred Stock Unit Transactions DSUs are awarded to non-employee directors at the discretion of the Board of Directors. The DSUs are fully vested on the grant date and each DSU entitles the holder to receive one share of the Company’s common stock upon the director’s cessation of continuous service. Non-employee directors are eligible to elect to defer receipt of any portion of annual retainers or meeting fees and take payment in the form of DSUs. The DSU entitles the holder to receive one share of the Company’s common stock at either a date specified in the deferral election or cessation of service, whichever comes first. The fair value of DSUs are equal to the fair value of the Company’s common stock on the grant date. The Company granted 174,948 DSUs during the year ended December 31, 2023 and nil during the year ended December 31, 2022. The 2023 grant included DSU compensation related to 2022 that could not be issued due to the Company being in an extended blackout period in 2022 and a portion of 2023. Director DSUs Shares Weighted‑ Average Grant Price Outstanding at December 31, 2022 146,796 $ 10.88 Granted 174,948 $ 4.97 Converted to common stock (18,824) $ 6.13 Outstanding at December 31, 2023 302,920 $ 7.76 The Company recognized DSU expense of $626 and $239 for the years ended December 31, 2023 and 2022, respectively. The DSU expenses accrued for in 2022 during the blackout period were subsequently granted in 2023. In December 2023, 18,824 DSUs were converted to common stock. At December 31, 2023, 302,920 DSUs remain outstanding with a weighted-average grant date fair value of $7.76 per unit.

Net Income per Share

Net Income per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share Basic net income per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly, except that weighted-average common shares are increased to reflect the potential dilution that would occur if stock options were exercised or PSUs, DSUs or RSUs were converted into common stock. The dilutive effects are calculated using the treasury stock method. For the year ended December 31, 2023, all in-the-money stock options, PSUs, RSUs and DSUs have been included in the dilutive earnings per common share calculation. For the year ended December 31, 2022, all options and PSUs were excluded from the diluted earnings per common share calculation as the shares would be anti-dilutive. A reconciliation of basic and diluted earnings per common share is presented below: Year Ended December 31, 2023 2022 Net income $ 12,860 $ 14,529 Weighted average shares: Basic 69,163,564 69,162,223 Effect of dilutive stock options 1,493 — Effect of dilutive PSUs 8,364 — Effect of dilutive RSUs 174,849 — Effect of dilutive DSUs 188,028 146,796 Diluted 69,536,298 69,309,019 Net income per share: Basic $ 0.19 $ 0.21 Diluted $ 0.18 $ 0.21

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company establishes a framework for measuring the fair value of assets and liabilities in the form of a fair value hierarchy that prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. Level 3: Unobservable inputs due to the fact there is little or no market activity. This entails using assumptions in models which estimate what market participants would use in pricing the asset or liability. The Company’s financial assets and liabilities such as cash and cash equivalents, related party receivables, value added tax receivable, insurance proceeds receivable, accounts payable and debt are approximate fair value due to their short maturities and are classified within Level 1 of the fair value hierarchy. Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis The Company discloses and recognizes its non-financial assets and liabilities at fair value on a non-recurring basis and makes adjustments to fair value, as needed (for example, when there is evidence of impairment).

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees In determining its accruals and disclosures with respect to loss contingencies, the Company will charge to income an estimated loss if information available prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the commitments and contingencies are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the combined financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental Contingencies The Company’s mining and exploration activities are subject to various laws, regulations and permits governing the protection of the environment. These laws, regulations and permits are continually changing and are generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures to comply with such laws, regulations and permits, but cannot predict the full amount of such future expenditures. Legal On February 22, 2022, a purported Company stockholder filed a putative class action lawsuit in the United States District Court for the District of Colorado (the "District Court") against the Company, certain of our former officers, and several directors (the "U.S. Class Action"). An amended complaint was filed on August 15, 2022. The amended complaint, allegedly brought on behalf of certain purchasers of the Company’s common stock and certain traders of call and put options on the Company’s common stock from December 9, 2020 through January 25, 2022, seeks, among other things, damages, costs, and expenses, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Sections 11 and 15 of the Securities Act of 1933. The amended complaint alleges that certain individual defendants and the Company, pursuant to the control and authority of the individual defendants, made false and misleading statements and/or omitted certain material information regarding the mineral resources and reserves at the Cerro Los Gatos mine. The Company and all defendants filed a motion to dismiss this action on October 14, 2022. That motion was fully briefed as of December 23, 2022. On April 26, 2023, following a joint motion, the Court postponed its ruling on the defendants’ motion to dismiss until on or after June 16, 2023. On June 13, 2023, the Company entered into an agreement in principle to settle the U.S. Class Action. Subject to certain conditions, including class certification by the District Court, the execution of a definitive stipulation of settlement and approval of the settlement by the District Court, the settling parties agreed to resolve the U.S. Class Action for an aggregate payment by the Company and its insurers of $21,000 to a settlement fund. On June 16, 2023, the parties filed a joint status report requesting that the Court grant a temporary stay of all proceedings in the case pending submission of proposed settlement documentation on or before July 13, 2023. On July 13, 2023, the plaintiffs filed an unopposed motion for an order preliminarily approving a stipulation of settlement agreed by the parties and providing for class notice which will provide for (i) preliminary approval of the settlement; (ii) approval of the form and manner of giving notice of the settlement to the settlement class; and (iii) a hearing date and time to consider final and approval of the Settlement and related matters (the “Preliminary Order”). On September 12, 2023, the plaintiffs filed an unopposed motion to amend the Preliminary Order to reflect certain changes to the form of release proposed to be executed by the plaintiffs. The District Court issued its Preliminary Order on February 29, 2024, approving the proposed settlement. Consistent with the stipulation of settlement requiring that a settlement account be funded within 30 days of the Preliminary Order, the Company and its insurers have fully funded that account, with $1,403 funded by the Company and $19,597 funded by the Company’s insurers. The final fairness hearing is scheduled with the District Court for May 29, 2024. By Notice of Action issued February 9, 2022, and subsequent Statement of Claim dated March 11, 2022, Izabela Przybylska (the "Plaintiff") commenced a putative class action against the Company, certain of its former officers, and others in the Ontario Superior Court of Justice on behalf of a purported class of all persons or entities, wherever they may reside or be domiciled, who acquired securities of the Company in both the primary and secondary markets during the period from October 28, 2020 until January 25, 2022 (the “Canadian Class Action”). The action asserts claims under Canadian securities legislation and at common law and seeks unspecified monetary damages and other relief in respect of allegations the defendants made false and misleading statements and omitted material information regarding the mineral resources and reserves of the Company. On January 26, 2024, counsel for the Company and counsel for the Plaintiff executed a term sheet wherein any claims against us and the named individuals would be settled for a payment by the Company of $3,000. Such counsel subsequently agreed to and executed a definitive settlement agreement. On April 16, 2024, the Ontario Superior Court approved the settlement on a preliminary basis. Consistent with the terms of the settlement requiring that an escrow account be funded within 30 days of preliminary court approval, the Company and its insurers have fully funded an escrow account, with $2,597 funded by the Company and $403 funded by the Company’s insurers. The final fairness hearing is scheduled with the Ontario Superior Court for June 28, 2024. Since the settlements of the U.S. Class Action and the Canadian Class Action are subject to conditions, including final court approval, there can be no assurance that either the U.S. Class Action or the Canadian Class Action will be finally resolved pursuant to the agreements that have been reached. Further, the Company has made a disclosure to the U.S. Department of Justice and the SEC regarding its January 25, 2022 press release and issues related to Cerro Los Gatos’ mineral reserves and mineral resources at the time. The Company is cooperating with those agencies’ investigations and cannot reasonably predict any outcome. There can be no assurance that any of the foregoing matters individually or in aggregate will not result in outcomes that are materially adverse for the Company.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On July 12, 2021, the Company entered into a $50,000 Revolving Credit Facility (the “Credit Facility”) with Bank of Montreal ("BMO"). On December 13, 2023, the Company entered into a second amended and restated Credit Facility with BMO. The main changes to the terms of the agreement are as follows: • the maturity date was extended to December 31, 2026; • $50,000 revolving line of credit with an accordion feature, which allows for an increase in the total line of credit up to $100,000, subject to certain conditions; • loans under the Credit Facility bear interest at a rate equal to either a term SOFR rate plus a margin ranging from 2.75% to 3.75%, or a U.S. base rate plus a margin ranging from 1.75% to 2.75%, at our option; • Any drawdown is secured by the Company's assets including the Company's shares in the LGJV Entities. On July 21, 2023, the Company repaid the full outstanding balance of $9,000 on the Credit Facility. As a result, the outstanding debt balance was $nil at December 31, 2023. The Company was in compliance with all covenants under the Credit Facility as of December 31, 2023. The Company recognized interest expense of $679, amortization of debt issuance cost of $57 and paid $413 in interest for the year ended December 31, 2023. The Company recognized interest expense of $433, amortization of debt issuance cost of $147 and paid $645 in interest for the year ended December 31, 2022.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of income from operations before income taxes were as follows for the years ended December 31: 2023 2022 U.S. $ 13,606 $ 19,111 Foreign (632) (3,017) Total $ 12,974 $ 16,094 The consolidated income tax expense consisted of $114 and $1,565, for the years ended December 31, 2023 and 2022, respectively. A reconciliation of the actual income tax benefit and the tax computed by applying the applicable U.S. federal rate of 21% to the income before taxes is as follows for the years ended December 31: 2023 2022 Tax provision from operations $ 2,725 $ 3,380 State tax benefit from operations 8 20 Nondeductible expenses 1,298 (594) Change in valuation allowance (3,908) (3,410) Mexican withholding tax — 1,565 Effect of change in tax rates — 927 US/foreign tax rate differential (9) (323) Total income tax expense $ 114 $ 1,565 Total income tax expense for the year 2023 arose from the operations of Gatos Silver Canada Corporation. The components of the deferred tax assets (liabilities) are summarized as follows for the year ended December 31: 2023 2022 Deferred tax assets Accrued compensation $ 18 $ 354 Contingent liabilities 5,046 1,661 Deferred share unit awards 835 461 LGJV equity investment — 12,656 Other accrued liabilities 21 21 Mineral properties 2,009 2,009 U.S. operating loss carryforward 19,079 10,234 Stock options 9,596 8,917 Foreign operating loss carryforward 4,804 4,129 Exploration and development — 41 Other 260 24 Valuation allowances (38,672) (39,738) Total deferred tax assets $ 2,996 $ 769 Deferred tax liabilities Accrued bonus (280) — LGJV equity investment (1,485) — Property, plant and equipment (178) (218) Exploration and development (18) — Prepaid expenses (769) (551) Total deferred tax liabilities $ (2,730) $ (769) Deferred tax assets (liabilities) $ 266 $ — The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse. Based upon the level of taxable income (loss) and projections of future taxable income (loss) over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and thus has recorded a valuation allowance from continuing operations against the deferred tax asset balances of $38,672 and $39,738, respectively, for the years ended December 31, 2023 and 2022. If the Company is profitable for a number of years, and the prospects for the realization of the deferred tax assets become more likely than not, the Company will then reverse all or a portion of the valuation allowance that could result in a reduction of future reported income tax expense. At December 31, 2023, the Company had $90,751 of net operating loss carryforwards from continuing operations in the United States. Of the total net operating loss from continuing operations, $72,408 expire at various dates through 2037, and $18,343 may be carried forward indefinitely. There are also $17,126 of net operating loss carryforwards in Mexico which expire at various dates through 2033. No assets have been recognized for net operating loss carryforwards where the Company believes it is more likely than not that the net operating losses will not be realized. The Company will monitor the valuation on an ongoing basis and will make the appropriate adjustments as necessary should circumstances change. The Company has adopted the provisions of ASC 740-10, Income Taxes. The Company files income tax returns in the U.S., Mexico, Canada and Colorado. The Company’s foreign assets and operations are owned by entities that have elected to be treated for U.S. tax purposes as corporations and, as a result, the taxable income or loss and other tax attributes of such entities are not included in the Company’s U.S. federal consolidated income tax return. The statute of limitations for tax returns filed in the U.S., Mexico and Canada is three years, five years and seven years, respectively, from the date of filing. The Company’s 2019-2023 U.S. tax returns are subject to examinations by U.S. tax authorities until 2023-2026, respectively. The Company is no longer subject to examinations by Mexico tax authorities for years prior to 2018.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in a single industry as a corporation engaged in the acquisition, exploration and development of primarily silver mineral interests. The Company has mineral property interests in Mexico. The Company’s reportable segments are based on the Company’s mineral interests and management structure and include Mexico and Corporate segments. The Mexico segment engages in the exploration, development and operation of the Company’s Mexican mineral interests and includes the Company’s investment in the LGJV. Financial information relating to the Company’s segments is as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Mexico Corporate Total Mexico Corporate Total Exploration $ 26 $ — $ 26 $ 83 $ 27 $ 110 General and administrative 763 24,925 25,688 1,124 24,344 25,468 Amortization 15 64 79 5 175 180 Equity income in affiliates (33,622) — (33,622) (45,230) — (45,230) Legal settlement loss — 1,500 1,500 — 7,900 7,900 Interest expense — 679 679 — 433 433 Interest income — (1,332) (1,332) — (154) (154) Net other (income) expense (28) (5,964) (5,992) 22 (4,823) (4,801) Income tax expense — 114 114 1,565 — 1,565 Total assets 54,166 346,738 400,904 109,081 274,420 383,501

Investment in Affiliates

Investment in Affiliates	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Affiliates	Investment in Affiliates During the years ended December 31, 2023 and 2022, the Company recognized income of $33,622 and $45,230, respectively, on its investment in the LGJV Entities, representing its ownership share of the LGJV Entities’ results, including the effect of the Priority Distribution Payment ("PDP"). The equity income in affiliate includes amortization of the carrying value of the investment in excess of the underlying net assets of the LGJV Entities. This basis difference is being amortized as the LGJV Entities’ proven and probable reserves are processed. There were no impairment indicators in the years ended December 31, 2023 and 2022. On September 6, 2023, the Company reported an updated mineral reserve and mineral resource estimate and life of mine plan for the Cerro Los Gatos mine with an effective date of July 1, 2023. The mine life was extended by 2.75 years and significantly increased the mineral resource. This change in estimate has been applied prospectively, effective July 1, 2023, and resulted in a reduction of depletion, depreciation and amortization expense of $9,438 and reduction in the deferred tax expense of $3,691 for t he year ended December 31, 2023 as recorded by the LGJV Entities. In July and October 2023, the LGJV made two capital distributions of $50,000 and $35,000 to the LGJV Partners, of which the Company’s share was $35,000 and $24,500, respectively. The capital distributions were not subject to withholding taxes. In April, July and November 2022, the LGJV paid three dividends of $20,000, $15,000 and $20,000 to the LGJV Partners, respectively. The Company’s share of the first dividend was $14,000, before withholding taxes of $700. A payment of $7,365 was subsequently made to Dowa to cover the full amount of the reduced initial priority distribution due, for a net dividend received of $5,935. The Company's share of the second and third dividends was $9,975 and $13,300, before withholding taxes of $525 and $700, respectively. On March 17, 2022, the Company entered into a definitive agreement with Dowa to build and operate a leaching plant to reduce fluorine levels in zinc concentrates produced at CLG at an expected construction cost of $6,050. As part of the agreement, the initial payment of the $20,000 due to Dowa under the partner’s priority distribution agreement was reduced to $10,300. The reduced priority dividend amount reflects a portion of both the construction ($4,200) and future estimated operating costs of the fluorine leaching plant ($5,500). Should the fluorine leaching plant not operate according to certain parameters during the first five years, portions of the $5,500 reduction could be reinstated. The construction and commissioning of the fluorine leaching plant was completed in July 2023 and placed in operation. As a result, the outstanding priority distribution was reduced from $5,500 at December 31, 2022, to $5,119 at December 31, 2023. The LGJV combined balance sheets as of December 31, 2023 and 2022, the combined statements of income for the years ended December 31, 2023 and 2022, and the statements cash flows for the years ended December 31, 2023 and 2022 are as follows: LOS GATOS JOINT VENTURE COMBINED BALANCE SHEETS AS OF DECEMBER 31, 2023 2022 ASSETS Current Assets Cash and cash equivalents $ 34,303 $ 34,936 Receivables 12,634 26,655 Inventories 16,397 11,542 VAT receivable 12,610 21,531 Income tax receivable 20,185 27,039 Other current assets 1,253 4,138 Total current assets 97,382 125,841 Non-Current Assets Mine development, net 234,980 232,515 Property, plant and equipment, net 171,965 198,600 Deferred tax assets 9,568 — Total non-current assets 416,513 431,115 Total Assets $ 513,895 $ 556,956 LIABILITIES AND OWNERS’ CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 38,704 $ 46,751 Related party payable 560 1,792 Equipment loans — 480 Total current liabilities 39,264 49,023 Non-Current Liabilities Lease liability 208 268 Asset retirement obligation 11,593 15,809 Deferred tax liabilities 3,885 1,354 Total non-current liabilities 15,686 17,431 Owners’ Capital Capital contributions 455,638 540,638 Paid-in capital 18,186 18,186 Accumulated deficit (14,879) (68,322) Total owners’ capital 458,945 490,502 Total Liabilities and Owners’ Capital $ 513,895 $ 556,956 LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2023 2022 Revenue $ 268,671 $ 311,724 Expenses Cost of sales 111,266 107,075 Royalties 1,363 3,069 Exploration 2,875 9,800 General and administrative 18,068 14,307 Depreciation, depletion and amortization 75,110 69,380 Total expenses 208,682 203,631 Other expense (income) Interest expense 660 582 Interest income (1,567) — Accretion expense 1,145 1,103 Other expense (income) 741 (766) Foreign exchange gain (2,580) (2,348) (1,601) (1,429) Income before taxes 61,590 109,522 Income tax expense 8,147 37,306 Net income and comprehensive income $ 53,443 $ 72,216 LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2023 2022 Cash flows from operating activities: Net income $ 53,443 $ 72,216 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 75,110 69,380 Accretion 1,145 1,103 Deferred taxes (7,623) 21,013 Unrealized gain on foreign currency rate change (4,523) (4,434) Other — (174) Changes in operating assets and liabilities: VAT receivable 9,619 23,986 Receivables 14,021 (15,393) Inventories (5,273) (353) Unearned revenue — (1,714) Other current assets 2,494 661 Income tax receivable 10,771 (27,039) Accounts payable and other accrued liabilities (5,951) 17,939 Payables to related parties (1,232) 183 Net cash provided by operating activities 142,001 157,374 Cash flows from investing activities: Mine development (36,637) (44,934) Purchase of property, plant and equipment (19,850) (37,018) Materials and supplies inventory (600) (327) Net cash used by investing activities (57,087) (82,279) Cash flows from financing activities: Capital distributions (85,000) — Equipment loan and Lease payments (547) (5,439) Dividends — (55,000) Net cash used by financing activities (85,547) (60,439) Net increase (decrease) in cash and cash equivalents (633) 14,656 Cash and cash equivalents, beginning of period 34,936 20,280 Cash and cash equivalents, end of period $ 34,303 $ 34,936 Interest paid $ 660 $ 236

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 15, 2024, the LGJV made a $30,000 capital distribution to the LGJV partners, of which the Company’s share was $21,000. On April 22, 2024, the LGJV made a $25,000 capital distribution to the LGJV partners, of which the Company’s share was $17,500. Except as disclosed above and in 11. Commitments, Contingencies and Guarantees, there are no events or transactions requiring recognition in these consolidated financial statements through May 6, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Consolidation and Presentation
Basis of Consolidation	All Company subsidiaries are consolidated. All significant intercompany balances and transactions have been eliminated.
Equity method investment and Distributions from Investment in Affiliate	Equity method investment The Company accounts for its investment in affiliates using the equity method of accounting whereby, after valuing the initial investment, the Company recognizes its proportional share of results of operations of the affiliate in its consolidated financial statements. The value of equity method investments are adjusted if it is determined that there is an other-than-temporary decline in value. The Company’s investment in the LGJV Entities is presented as Investment in affiliates in the consolidated balance sheet. The basis difference between the carrying amount of the investment in affiliates and the Company’s equity in the LGJV Entities’ net assets is due to value of the LGJV mineral resources. This basis difference is amortized on a units of production basis as the mineral resource is mined. Distributions from Investment in Affiliate Distributions received are classified on the basis of the nature of the activity or activities of the LGJV that generated the distribution. Returns on capital are recorded as an operating cash flow whereas returns of capital distributions are recorded as an investing cash flow.
Use of estimates	Use of estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates are valuation of stock and stock options; valuation allowances for deferred tax assets; and the fair value of financial instruments and investment in affiliates. At the LGJV, significant items subject to such estimates and assumptions include mineral properties, life of mine revenue and cost assumptions, mineral resource conversion rates to mineral reserves; environmental reclamation and closure obligations and valuation allowances for deferred tax assets.
Functional currency and translation of foreign currencies	Functional currency and translation of foreign currencies The U.S. dollar is the functional currency of the Company and its subsidiaries. Monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting gains or losses reported in foreign exchange (gain) loss in the statement of income. Non-monetary assets and liabilities are translated at historical exchange rates. Expenses and income items denominated in foreign currencies are translated into U.S. dollars at historical exchange rates.
Cash and cash equivalents	Cash and cash equivalents
Other than temporary impairment - investments	Other than temporary impairment - investment
Stock-based compensation	Stock-based compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award. Stock-based compensation expense is included as a component of general and administrative expense over the requisite service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The initial fair value of performance share units (“PSUs”), which are subject to vesting based on the Company’s attainment of a pre-established market performance goals, is estimated using a Monte Carlo simulation valuation model. The fair value of Restricted Stock Units ("RSUs") is based on the Company's stock price on the date of grant and vest on the third anniversary of the grant date, unless otherwise specified. The fair value of Deferred Stock Units ("DSUs") is based on the Company's stock price on the date of the grant and DSUs vest on the grant date. The Company’s estimates may be impacted by certain variables including, but not limited to, stock price volatility, estimates of forfeitures, the risk-free interest rate, expected dividend yields, and the Company’s performance. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate.
Net income per share	Net income per share Basic and diluted earnings per share are presented for net income attributable to common shareholders. Basic net earnings per share is computed by dividing the net income available to common stockholders by the weighted-average number of common stock shares outstanding, for the respective period presented. Diluted net earnings per share is computed similarly, except that weighted-average common shares is increased to reflect the potential dilution that would occur if stock options were exercised, or DSUs, RSUs and PSUs were converted into common stock. The effects of the Company’s dilutive securities are excluded from the calculation of diluted weighted-average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss.
Income taxes	Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Current tax comprises the expected tax payable on the taxable income for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted at the reporting date.
Recently issued and adopted accounting standards	Recently issued and adopted accounting standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) followed by ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), issued in January 2021, to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. Generally, the guidance is to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2023. The Company has not elected to use the optional guidance and continues to evaluate the options provided by ASU 2020-04 and ASU 2021-01. The Company concluded that this update does not have a material impact on its financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosures of Supplier Finance Program Obligations. The ASU requires entities that use supplier finance programs (that are in the scope of the ASU) in connection with the purchase of goods and services to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments are effective for all entities for fiscal years beginning after 15 December 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. In the period of initial adoption, the amendments should be applied retrospectively to all periods in which a balance sheet is presented, except for the roll forward requirement, which should be applied prospectively. The Company assessed the new guidance and concluded that this update does not have any impact on the financial statements. In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain amendments represent clarifications to or technical corrections of the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The Company is still assessing the impact of the standard. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments of this udpate are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still assessing the impact of this standard. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency, effectiveness and comparability of income tax disclosures. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2024. The Company is still assessing the impact of this standard. As of December 31, 2023, there are no additional recently issued or adopted accounting standard that could have a material impact on our financial statements.
Fair Value Measurements	The Company establishes a framework for measuring the fair value of assets and liabilities in the form of a fair value hierarchy that prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. Level 3: Unobservable inputs due to the fact there is little or no market activity. This entails using assumptions in models which estimate what market participants would use in pricing the asset or liability. The Company’s financial assets and liabilities such as cash and cash equivalents, related party receivables, value added tax receivable, insurance proceeds receivable, accounts payable and debt are approximate fair value due to their short maturities and are classified within Level 1 of the fair value hierarchy. Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis The Company discloses and recognizes its non-financial assets and liabilities at fair value on a non-recurring basis and makes adjustments to fair value, as needed (for example, when there is evidence of impairment).

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impact of the restatement on the Consolidated Statements of Cash Flows for the year ended December 31, 2023, is presented below. The Consolidated Balance Sheets and balance of cash and cash equivalents as of December 31, 2023, and the Consolidated Statements of Income and Comprehensive Income, Consolidated Statements of Stockholders’ Equity for the year ended December 31, 2023, are not impacted by this error. Year Ended December 31, 2023 Year Ended December 31, 2023 As previously reported Adjustment As restated Consolidated Statement of Cash Flows Distributions and dividends from affiliate — 59,500 59,500 Net cash (used) provided by operating activities (12,020) 59,500 47,480 Capital distribution received from affiliate 59,500 (59,500) — Net cash provided by investing activities 59,500 (59,500) —

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	December 31, 2023 December 31, 2022 Value added tax receivable $ 691 $ 730 Prepaid expenses 1,914 2,890 Insurance proceeds receivable 20,000 13,100 Other assets 37 151 Total other current assets $ 22,642 $ 16,871

Accounts Payable, Accrued and_2

Accounts Payable, Accrued and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	December 31, 2023 December 31, 2022 Accounts payable $ 2,713 $ 586 Accrued expenses 3,031 2,761 Accrued compensation 3,215 1,889 Legal settlement payable 24,000 21,000 Current tax payable 387 — Other liabilities 11 122 Total accounts payable, accrued and other liabilities $ 33,357 $ 26,358

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Share-Based Payment Arrangement, Activity	The Company recognized stock-based compensation expense as follows: Year ended December 31, 2023 2022 Stock options $ 4,087 $ 2,621 Performance share units 203 219 Restricted stock units 1,046 — Total stock-based compensation $ 5,336 $ 2,840
Share-Based Payment Arrangement, Option, Activity	The following table summarizes the respective vesting start dates and number of options granted to employees and directors in 2023 and 2022: Recipient Options Granted Vesting Start Date Grant Date Employees 100,000 January 18, 2022 January 18, 2022 Employees 1,044,705 September 11, 2023 September 11, 2023 Directors 87,815 September 11, 2023 September 11, 2023 Directors 134,225 November 9, 2023 November 9, 2023 The following tables summarize the stock option activity for the year ended December 31, 2023: Employee & Director Options Options Weighted‑ Average Exercise Price Aggregate Intrinsic Value Weighted‑ Average Remaining Life (Years) Outstanding at December 31, 2022 1,701,530 $ 12.67 Granted 1,266,745 $ 5.01 Forfeited (289,760) $ 13.99 Expired (62,000) $ 12.00 Outstanding at December 31, 2023 2,616,515 $ 8.83 $ 2,090 9.86 Vested at December 31, 2023 1,848,486 $ 9.69 $ 2,053 9.07
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following assumptions were used to compute the fair value of the options granted using the Black-Scholes option valuation model: Jan. 2022 Sep. 2023 Nov. 2023 Risk-free interest rate 1.74 % 4.39 % 4.52 % Dividend yield — — — Estimated volatility 60.75 % 57.67 % 57.85 % Expected option life 6 years 6 years 6 years
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The Company granted 174,948 DSUs during the year ended December 31, 2023 and nil during the year ended December 31, 2022. The 2023 grant included DSU compensation related to 2022 that could not be issued due to the Company being in an extended blackout period in 2022 and a portion of 2023. Director DSUs Shares Weighted‑ Average Grant Price Outstanding at December 31, 2022 146,796 $ 10.88 Granted 174,948 $ 4.97 Converted to common stock (18,824) $ 6.13 Outstanding at December 31, 2023 302,920 $ 7.76

Net Income per Share (Tables)

Net Income per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of basic and diluted earnings per common share is presented below: Year Ended December 31, 2023 2022 Net income $ 12,860 $ 14,529 Weighted average shares: Basic 69,163,564 69,162,223 Effect of dilutive stock options 1,493 — Effect of dilutive PSUs 8,364 — Effect of dilutive RSUs 174,849 — Effect of dilutive DSUs 188,028 146,796 Diluted 69,536,298 69,309,019 Net income per share: Basic $ 0.19 $ 0.21 Diluted $ 0.18 $ 0.21

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The components of income from operations before income taxes were as follows for the years ended December 31: 2023 2022 U.S. $ 13,606 $ 19,111 Foreign (632) (3,017) Total $ 12,974 $ 16,094
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the actual income tax benefit and the tax computed by applying the applicable U.S. federal rate of 21% to the income before taxes is as follows for the years ended December 31: 2023 2022 Tax provision from operations $ 2,725 $ 3,380 State tax benefit from operations 8 20 Nondeductible expenses 1,298 (594) Change in valuation allowance (3,908) (3,410) Mexican withholding tax — 1,565 Effect of change in tax rates — 927 US/foreign tax rate differential (9) (323) Total income tax expense $ 114 $ 1,565
Schedule of Deferred Tax Assets and Liabilities	The components of the deferred tax assets (liabilities) are summarized as follows for the year ended December 31: 2023 2022 Deferred tax assets Accrued compensation $ 18 $ 354 Contingent liabilities 5,046 1,661 Deferred share unit awards 835 461 LGJV equity investment — 12,656 Other accrued liabilities 21 21 Mineral properties 2,009 2,009 U.S. operating loss carryforward 19,079 10,234 Stock options 9,596 8,917 Foreign operating loss carryforward 4,804 4,129 Exploration and development — 41 Other 260 24 Valuation allowances (38,672) (39,738) Total deferred tax assets $ 2,996 $ 769 Deferred tax liabilities Accrued bonus (280) — LGJV equity investment (1,485) — Property, plant and equipment (178) (218) Exploration and development (18) — Prepaid expenses (769) (551) Total deferred tax liabilities $ (2,730) $ (769) Deferred tax assets (liabilities) $ 266 $ —

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information relating to the Company’s segments is as follows: Year Ended December 31, 2023 Year Ended December 31, 2022 Mexico Corporate Total Mexico Corporate Total Exploration $ 26 $ — $ 26 $ 83 $ 27 $ 110 General and administrative 763 24,925 25,688 1,124 24,344 25,468 Amortization 15 64 79 5 175 180 Equity income in affiliates (33,622) — (33,622) (45,230) — (45,230) Legal settlement loss — 1,500 1,500 — 7,900 7,900 Interest expense — 679 679 — 433 433 Interest income — (1,332) (1,332) — (154) (154) Net other (income) expense (28) (5,964) (5,992) 22 (4,823) (4,801) Income tax expense — 114 114 1,565 — 1,565 Total assets 54,166 346,738 400,904 109,081 274,420 383,501

Investment in Affiliates (Table

Investment in Affiliates (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The LGJV combined balance sheets as of December 31, 2023 and 2022, the combined statements of income for the years ended December 31, 2023 and 2022, and the statements cash flows for the years ended December 31, 2023 and 2022 are as follows: LOS GATOS JOINT VENTURE COMBINED BALANCE SHEETS AS OF DECEMBER 31, 2023 2022 ASSETS Current Assets Cash and cash equivalents $ 34,303 $ 34,936 Receivables 12,634 26,655 Inventories 16,397 11,542 VAT receivable 12,610 21,531 Income tax receivable 20,185 27,039 Other current assets 1,253 4,138 Total current assets 97,382 125,841 Non-Current Assets Mine development, net 234,980 232,515 Property, plant and equipment, net 171,965 198,600 Deferred tax assets 9,568 — Total non-current assets 416,513 431,115 Total Assets $ 513,895 $ 556,956 LIABILITIES AND OWNERS’ CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 38,704 $ 46,751 Related party payable 560 1,792 Equipment loans — 480 Total current liabilities 39,264 49,023 Non-Current Liabilities Lease liability 208 268 Asset retirement obligation 11,593 15,809 Deferred tax liabilities 3,885 1,354 Total non-current liabilities 15,686 17,431 Owners’ Capital Capital contributions 455,638 540,638 Paid-in capital 18,186 18,186 Accumulated deficit (14,879) (68,322) Total owners’ capital 458,945 490,502 Total Liabilities and Owners’ Capital $ 513,895 $ 556,956
Condensed Income Statement	LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2023 2022 Revenue $ 268,671 $ 311,724 Expenses Cost of sales 111,266 107,075 Royalties 1,363 3,069 Exploration 2,875 9,800 General and administrative 18,068 14,307 Depreciation, depletion and amortization 75,110 69,380 Total expenses 208,682 203,631 Other expense (income) Interest expense 660 582 Interest income (1,567) — Accretion expense 1,145 1,103 Other expense (income) 741 (766) Foreign exchange gain (2,580) (2,348) (1,601) (1,429) Income before taxes 61,590 109,522 Income tax expense 8,147 37,306 Net income and comprehensive income $ 53,443 $ 72,216
Condensed Cash Flow Statement	LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2023 2022 Cash flows from operating activities: Net income $ 53,443 $ 72,216 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 75,110 69,380 Accretion 1,145 1,103 Deferred taxes (7,623) 21,013 Unrealized gain on foreign currency rate change (4,523) (4,434) Other — (174) Changes in operating assets and liabilities: VAT receivable 9,619 23,986 Receivables 14,021 (15,393) Inventories (5,273) (353) Unearned revenue — (1,714) Other current assets 2,494 661 Income tax receivable 10,771 (27,039) Accounts payable and other accrued liabilities (5,951) 17,939 Payables to related parties (1,232) 183 Net cash provided by operating activities 142,001 157,374 Cash flows from investing activities: Mine development (36,637) (44,934) Purchase of property, plant and equipment (19,850) (37,018) Materials and supplies inventory (600) (327) Net cash used by investing activities (57,087) (82,279) Cash flows from financing activities: Capital distributions (85,000) — Equipment loan and Lease payments (547) (5,439) Dividends — (55,000) Net cash used by financing activities (85,547) (60,439) Net increase (decrease) in cash and cash equivalents (633) 14,656 Cash and cash equivalents, beginning of period 34,936 20,280 Cash and cash equivalents, end of period $ 34,303 $ 34,936 Interest paid $ 660 $ 236

Description of Business (Detail

Description of Business (Details) $ in Thousands			1 Months Ended
	Mar. 11, 2021 USD ($)	Sep. 01, 2019 product	May 31, 2019	Dec. 31, 2023 subsidiary	Apr. 01, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of wholly-owned subsidiaries | subsidiary				2
Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	70%			70%
Equity method investment, ownership percentage, repurchased	18.50%
Payments to acquire equity method investments	$ 71,550
Equity method investment, difference between carrying amount and underlying equity	$ 47,400
Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of concentrate products | product		2
Dowa Metals And Mining Co. Ltd | Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			48.50%	30%	30%
Equity method investment, aggregate cost					$ 50,000
Increase in ownership interest through the conversion of loan to equity			18.50%

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Distributions and dividends from affiliate	$ 59,500	$ 30,775
Net cash (used) provided by operating activities	47,480	14,554
Capital distribution received from affiliate	0
Net cash provided by investing activities	0	$ (60)
As previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Distributions and dividends from affiliate	0
Net cash (used) provided by operating activities	(12,020)
Capital distribution received from affiliate	59,500
Net cash provided by investing activities	59,500
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Distributions and dividends from affiliate	59,500
Net cash (used) provided by operating activities	59,500
Capital distribution received from affiliate	(59,500)
Net cash provided by investing activities	$ (59,500)

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Value added tax receivable	$ 691	$ 730
Prepaid expenses	1,914	2,890
Insurance proceeds receivable	20,000	13,100
Other assets	37	151
Total other current assets	$ 22,642	$ 16,871

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Details)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Royalty payment, percentage	1%

Accounts Payable, Accrued and_3

Accounts Payable, Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 2,713	$ 586
Accrued expenses	3,031	2,761
Accrued compensation	3,215	1,889
Legal settlement payable	24,000	21,000
Current tax payable	387	0
Other liabilities	11	122
Total accounts payable, accrued and other liabilities	$ 33,357	$ 26,358

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party receivables	$ 560,000	$ 1,773,000
Related Party
Related Party Transaction [Line Items]
Proceeds from fees received	3,489,000	1,431,000
Related party receivables	250,000	1,112,000
Related party transaction, amounts of transaction	2,627,000	2,399,000
Related Party | Unanimous Omnibus Partner Agreement
Related Party Transaction [Line Items]
Revenue	6,000,000	5,000,000
Proceeds from fees received	6,417,000	5,417,000
Related party receivables	$ 0	$ 417,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Nov. 09, 2023	Sep. 11, 2023	Dec. 17, 2021	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)				700,000,000	700,000,000	700,000,000
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000
Preferred stock, par value (in dollars per share)				$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)				0	0
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)				10,300,000	10,300,000
Vested (in shares)					604,799
Exercises in period (in shares)					0	0
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expiration period					10 years
Share-based payment arrangement, service period					3 years
Granted (in shares)	134,225	1,132,520				100,000
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)	$ 2.77	$ 2.93				$ 5.83
Share-based payment arrangement, nonvested award, cost not yet recognized, amount				$ 2,087	$ 2,087
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition					1 year 2 months 12 days
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value					$ 6,344
Stock options | Los Gatos Joint Venture
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)					0
Exercises in period (in shares)					0
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)				32,393	32,393
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in dollars per share)				$ 7.31	$ 7.31
Weighted-average remaining life, outstanding					2 years
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition					1 year
Share-based payment award, equity instruments other than options, grants in period (in shares)			119,790		0
Share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 14.22
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number (in shares)				40,802	40,802
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 166	$ 166
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition					1 year 3 months 18 days
Share-based payment award, equity instruments other than options, grants in period (in shares)		925,172
Share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		$ 5.04
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 3,617	$ 3,617
Deferred Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, equity instruments other than options, grants in period (in shares)					174,948	0
Share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)					$ 4.97
Share-based compensation arrangement by share-based payment award, number of shares underlying each award (in shares)					1
Share-based payment arrangement, expense					$ 626	$ 239
Deferred Stock Units converted to common stock (in shares)				18,824
Share-based payment award, equity instruments other than options, nonvested, number (in shares)				302,920	302,920	146,796
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value (in dollars per share)				$ 7.76	$ 7.76	$ 10.88

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 5,336	$ 2,840
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	4,087	2,621
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	203	219
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,046	$ 0

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Vesting Start Dates and Number Of Stock Options Granted (Details) - Stock options - shares				12 Months Ended
	Nov. 09, 2023	Sep. 11, 2023	Jan. 18, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	134,225	1,132,520		100,000
Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)		1,044,705	100,000
Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	134,225	87,815

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Valuation Assumptions (Details) - USD ($)	1 Months Ended
	Nov. 30, 2023	Sep. 30, 2023	Jan. 31, 2022
Equity [Abstract]
Risk-free interest rate	4.52%	4.39%	1.74%
Dividend yield	$ 0	$ 0	$ 0
Estimated volatility	57.85%	57.67%	60.75%
Expected option life	6 years	6 years	6 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 09, 2023	Sep. 11, 2023	Dec. 31, 2023	Dec. 31, 2022
Options
Granted (in shares)	134,225	1,132,520		100,000
Employee & Director Options
Options
Outstanding, beginning balance (in shares)			1,701,530
Granted (in shares)			1,266,745
Forfeited (in shares)			(289,760)
Expired (in shares)			(62,000)
Outstanding, ending balance (in shares)			2,616,515	1,701,530
Outstanding and vested (in shares)			1,848,486
Weighted‑ Average Exercise Price
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)			$ 12.67
Granted (in dollars per share)			5.01
Forfeited (in dollars per share)			13.99
Expired (in dollars per share)			12
Weighted-average exercise price, outstanding, ending balance (in dollars per share)			8.83	$ 12.67
Outstanding and vested (in dollars per share)			$ 9.69
Aggregate intrinsic value, outstanding			$ 2,090
Aggregate intrinsic value, vested			$ 2,053
Weighted-average remaining life, outstanding			9 years 10 months 9 days
Weighted-average remaining life, vested			9 years 25 days

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Deferred Stock Unit Activity (Details) - Deferred Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning balance, outstanding (in shares)	146,796
Granted (in shares)	174,948	0
Converted to common stock (in shares)	(18,824)
Ending balance, outstanding (in shares)	302,920	146,796
Weighted‑ Average Grant Price
Beginning balance, weighted-average exercise price (in dollars per share)	$ 10.88
Granted (in dollars per share)	4.97
Converted to common stock (in dollars per share)	6.13
Ending balance, weighted-average exercise price (in dollars per share)	$ 7.76	$ 10.88

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 12,860	$ 14,529
Weighted average shares outstanding:
Basic (in shares)	69,163,564	69,162,223
Diluted (in shares)	69,536,298	69,309,019
Net income per share:
Basic (in dollars per share)	$ 0.19	$ 0.21
Diluted (in dollars per share)	$ 0.18	$ 0.21
Stock options
Weighted average shares outstanding:
Effect of dilutive units (in shares)	1,493	0
Performance share units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	8,364	0
Restricted stock units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	174,849	0
Deferred Stock Units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	188,028	146,796

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) - U.S. Class Action - USD ($) $ in Thousands	Apr. 16, 2024	Feb. 29, 2024	Jan. 26, 2024	Jun. 13, 2023
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 21,000
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, escrow account, maximum funding period	30 days	30 days
Payments for legal settlements	$ 2,597	$ 1,403
Litigation settlement, expense			$ 3,000
Subsequent Event | Company's Insurers
Loss Contingencies [Line Items]
Payments for legal settlements	$ 403	$ 19,597

Debt (Details)

Debt (Details) - Revolving Credit Facility - USD ($)			12 Months Ended
	Dec. 13, 2023	Jul. 21, 2023	Dec. 31, 2023	Dec. 31, 2022	Jul. 12, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000				$ 50,000,000
Line of credit facility, maximum borrowing capacity, accordion feature	$ 100,000,000
Repayments of debt		$ 9,000,000
Long-term debt, gross			$ 0
Interest expense, debt			679,000	$ 433,000
Amortization of debt issuance costs			57,000	147,000
Payments for interest, line of credit			$ 413,000	$ 645,000
Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Base Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Base Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income From Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 13,606	$ 19,111
Foreign	(632)	(3,017)
Income before taxes	$ 12,974	$ 16,094

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax expense	$ 114	$ 1,565
Valuation allowances	38,672	$ 39,738
Operating loss carryforwards, subject to expiration	72,408
Operating loss carryforward, not subject to expiration	18,343
Foreign
Income Tax Examination [Line Items]
Operating loss carryforwards	17,126
U.S.
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 90,751

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax provision from operations	$ 2,725	$ 3,380
State tax benefit from operations	8	20
Nondeductible expenses	1,298	(594)
Change in valuation allowance	(3,908)	(3,410)
Mexican withholding tax	0	1,565
Effect of change in tax rates	0	927
US/foreign tax rate differential	(9)	(323)
Income tax expense	$ 114	$ 1,565

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accrued compensation	$ 18	$ 354
Contingent liabilities	5,046	1,661
Deferred share unit awards	835	461
LGJV equity investment	0	12,656
Other accrued liabilities	21	21
Mineral properties	2,009	2,009
U.S. operating loss carryforward	19,079	10,234
Stock options	9,596	8,917
Foreign operating loss carryforward	4,804	4,129
Exploration and development	0	41
Other	260	24
Valuation allowances	(38,672)	(39,738)
Total deferred tax assets	2,996	769
Deferred tax liabilities
Accrued bonus	(280)	0
LGJV equity investment	(1,485)	0
Property, plant and equipment	(178)	(218)
Exploration and development	(18)	0
Prepaid expenses	(769)	(551)
Total deferred tax liabilities	(2,730)	(769)
Deferred tax assets (liabilities)	$ 266	$ 0

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Exploration	$ 26	$ 110
General and administrative	25,688	25,468
Amortization	79	180
Equity income in affiliates	(33,622)	(45,230)
Legal settlement loss	1,500	7,900
Interest expense	679	433
Interest income	(1,332)	(154)
Net other (income) expense	(5,992)	(4,801)
Income tax expense	114	1,565
Total assets	400,904	383,501
Mexico
Segment Reporting Information [Line Items]
Exploration	26	83
General and administrative	763	1,124
Amortization	15	5
Equity income in affiliates	(33,622)	(45,230)
Legal settlement loss	0	0
Interest expense	0	0
Interest income	0	0
Net other (income) expense	(28)	22
Income tax expense	0	1,565
Total assets	54,166	109,081
Corporate
Segment Reporting Information [Line Items]
Exploration	0	27
General and administrative	24,925	24,344
Amortization	64	175
Equity income in affiliates	0	0
Legal settlement loss	1,500	7,900
Interest expense	679	433
Interest income	(1,332)	(154)
Net other (income) expense	(5,964)	(4,823)
Income tax expense	114	0
Total assets	$ 346,738	$ 274,420

Investment in Affiliates - Addi

Investment in Affiliates - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended					6 Months Ended	12 Months Ended
	Sep. 06, 2023	Mar. 17, 2022	Oct. 31, 2023	Jul. 31, 2023	Nov. 30, 2022	Jul. 31, 2022	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 18, 2022
Schedule of Equity Method Investments [Line Items]
Equity income in affiliates									$ 33,622	$ 45,230
Distributions and dividends from affiliate									59,500	30,775
Construction payable, decrease in estimated distribution agreement, construction costs		$ 4,200
Construction payable, decrease in estimated distribution agreement, operating costs		5,500
Dowa Metals And Mining Co. Ltd
Schedule of Equity Method Investments [Line Items]
Expected construction costs with affiliates		6,050
Construction payable, current		$ 20,000						$ 5,119	5,119	5,500	$ 10,300
Contingent construction, contract duration		5 years
Construction payable, contingent portion of contract		$ 5,500
Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity income in affiliates									$ 33,622	$ 45,230
Mineral reserve, life	2 years 9 months
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)								(9,438)
Valuation allowance, deferred tax asset, increase (decrease), amount								$ (3,691)
Los Gatos Joint Venture | Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Capital distribution			$ 35,000	$ 50,000
Payments of ordinary dividends			$ 24,500	$ 35,000
Payments of distributions to affiliates					$ 20,000	$ 15,000	$ 20,000
Distributions and dividends from affiliate					13,300	9,975	14,000
Payments of dividend, tax withheld					$ 700	$ 525	700
Los Gatos Joint Venture | Dowa Metals And Mining Co. Ltd | Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Payments of distributions to affiliates, net							7,365
Payments of distributions to affiliates, net received							$ 5,935

Investment in Affiliates - Sche

Investment in Affiliates - Schedule of Combined Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 55,484	$ 17,004
Value added tax receivable	691	730
Other current assets	22,642	16,871
Total current assets	78,686	35,648
Non-Current Assets
Total Assets	400,904	383,501
Current Liabilities
Related party payable	11	122
Owners’ Capital
Paid-in capital	553,319	547,114
Accumulated deficit	(185,889)	(198,749)
Total Liabilities and Stockholders’ Equity	400,904	383,501
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Current Assets
Cash and cash equivalents	34,303	34,936
Receivables	12,634	26,655
Inventories	16,397	11,542
Value added tax receivable	12,610	21,531
Income tax receivable	20,185	27,039
Other current assets	1,253	4,138
Total current assets	97,382	125,841
Non-Current Assets
Mine development, net	234,980	232,515
Property, plant and equipment, net	171,965	198,600
Deferred tax assets	9,568	0
Total non-current assets	416,513	431,115
Total Assets	513,895	556,956
Current Liabilities
Accounts payable and accrued liabilities	38,704	46,751
Related party payable	560	1,792
Equipment loans	0	480
Total current liabilities	39,264	49,023
Non-Current Liabilities
Lease liability	208	268
Asset retirement obligation	11,593	15,809
Deferred tax liabilities	3,885	1,354
Total non-current liabilities	15,686	17,431
Owners’ Capital
Capital contributions	455,638	540,638
Paid-in capital	18,186	18,186
Accumulated deficit	(14,879)	(68,322)
Total owners’ capital	458,945	490,502
Total Liabilities and Stockholders’ Equity	$ 513,895	$ 556,956

Investment in Affiliates - Sc_2

Investment in Affiliates - Schedule of Combined Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expenses
Exploration	$ 26	$ 110
General and administrative	25,688	25,468
Other expense (income)
Interest expense	679	433
Interest income	(1,332)	(154)
Total other income, net	(38,767)	(41,852)
Income before taxes	12,974	16,094
Income tax expense	114	1,565
Comprehensive income	12,860	14,529
Net income	12,860	14,529
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenue	268,671	311,724
Expenses
Cost of sales	111,266	107,075
Royalties	1,363	3,069
Exploration	2,875	9,800
General and administrative	18,068	14,307
Depreciation, depletion and amortization	75,110	69,380
Total expenses	208,682	203,631
Other expense (income)
Interest expense	660	582
Interest income	(1,567)	0
Accretion expense	1,145	1,103
Other expense (income)	741	(766)
Foreign exchange gain	(2,580)	(2,348)
Total other income, net	(1,601)	(1,429)
Income before taxes	61,590	109,522
Income tax expense	8,147	37,306
Comprehensive income	53,443	72,216
Net income	$ 53,443	$ 72,216

Investment in Affiliates - Sc_3

Investment in Affiliates - Schedule of Combined Cash Flow Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 12,860	$ 14,529
Adjustments to reconcile net loss to net cash used by operating activities:
Deferred tax recovery	(266)	0
Other	1,159	199
Changes in operating assets and liabilities:
Other current assets	(5,771)	(13,191)
Accounts payable and other accrued liabilities	6,992	24,632
Net cash (used) provided by operating activities	47,480	14,554
Cash flows from investing activities:
Purchase of property, plant and equipment	0	(60)
Net cash provided (used) by investing activities	0	(60)
Cash flows from financing activities:
Net cash used by financing activities	(9,000)	(4,106)
Net increase in cash and cash equivalents	38,480	10,388
Cash and cash equivalents, beginning of period	17,004	6,616
Cash and cash equivalents, end of period	55,484	17,004
Interest paid	417	645
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Cash flows from operating activities:
Net income	53,443	72,216
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation, depletion and amortization	75,110	69,380
Accretion	1,145	1,103
Deferred tax recovery	(7,623)	21,013
Unrealized gain on foreign currency rate change	(4,523)	(4,434)
Other	0	(174)
Changes in operating assets and liabilities:
VAT receivable	9,619	23,986
Receivables	14,021	(15,393)
Inventories	(5,273)	(353)
Unearned revenue	0	(1,714)
Other current assets	2,494	661
Income tax receivable	10,771	(27,039)
Accounts payable and other accrued liabilities	(5,951)	17,939
Payables to related parties	(1,232)	183
Net cash (used) provided by operating activities	142,001	157,374
Cash flows from investing activities:
Mine development	(36,637)	(44,934)
Purchase of property, plant and equipment	(19,850)	(37,018)
Materials and supplies inventory	(600)	(327)
Net cash provided (used) by investing activities	(57,087)	(82,279)
Cash flows from financing activities:
Capital distributions	(85,000)	0
Equipment loan and Lease payments	(547)	(5,439)
Dividends	0	(55,000)
Net cash used by financing activities	(85,547)	(60,439)
Net increase in cash and cash equivalents	(633)	14,656
Cash and cash equivalents, beginning of period	34,936	20,280
Cash and cash equivalents, end of period	34,303	34,936
Interest paid	$ 660	$ 236

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Los Gatos Joint Venture - USD ($) $ in Thousands	Apr. 22, 2024	Feb. 15, 2024
Subsequent Event [Line Items]
Capital distribution	$ 25,000	$ 30,000
Payments of ordinary dividends	$ 17,500	$ 21,000