Gatos Silver (GATO) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,181,047
Entity Central Index Key	0001517006
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 70,586	$ 55,484
Related party receivables	464	560
Other current assets	2,486	22,642
Total current assets	73,536	78,686
Non-Current Assets
Investment in affiliates	308,202	321,914
Deferred tax assets	246	266
Other non-current assets	415	38
Total Assets	382,399	400,904
Current Liabilities
Accounts payable and other accrued liabilities	10,376	33,357
Non-Current Liabilities
Lease liability	255	0
Stockholders’ Equity
Common Stock, $0.001 par value; 700,000,000 shares authorized; 69,181,047 and 69,181,047 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	117	117
Paid-in capital	555,008	553,319
Accumulated deficit	(183,357)	(185,889)
Total stockholders’ equity	371,768	367,547
Total Liabilities and Stockholders' Equity	$ 382,399	$ 400,904

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	69,181,047

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Expenses
Exploration	$ 31	$ 26
General and administrative	6,963	5,536
Amortization	4	37
Total expenses	6,998	5,599
Other income (expense)
Equity income in affiliates	7,288	5,011
Interest expense	0	(164)
Interest income	767	161
Other income	1,518	1,426
Other income	9,573	6,434
Income before taxes	2,575	835
Income tax expense	43	0
Net income	2,532	835
Comprehensive income	$ 2,532	$ 835
Net income per share:
Basic (in dollars per share)	$ 0.04	$ 0.01
Diluted (in dollars per share)	$ 0.04	$ 0.01
Weighted average shares outstanding:
Basic (in shares)	69,181,047	69,162,223
Diluted (in shares)	70,419,665	69,309,019

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - 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, 2022				69,162,223
Equity, attributable to parent, beginning balance at Dec. 31, 2022	$ 348,482			$ 117	$ 547,114			$ (198,749)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	783				783
Net income	835							835
Ending balance, common stock (in shares) at Mar. 31, 2023				69,162,223
Equity, attributable to parent, ending balance at Mar. 31, 2023	$ 350,100			$ 117	547,897			(197,914)
Beginning balance, common stock (in shares) at Dec. 31, 2023	69,181,047			69,181,047
Equity, attributable to parent, beginning balance at Dec. 31, 2023	$ 367,547			$ 117	553,319			(185,889)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		$ 1,681	$ 8			$ 1,681	$ 8
Net income	$ 2,532							2,532
Ending balance, common stock (in shares) at Mar. 31, 2024	69,181,047			69,181,047
Equity, attributable to parent, ending balance at Mar. 31, 2024	$ 371,768			$ 117	$ 555,008			$ (183,357)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 2,532	$ 835
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Amortization	4	37
Stock-based compensation expense	1,681	743
Equity income in affiliates	(7,288)	(5,011)
Deferred tax recovery	14	0
Other	(37)	0
Distribution received from affiliate	21,000	0
Changes in operating assets and liabilities:
Receivables from related‑parties	96	1,104
Accounts payable and other accrued liabilities	(23,053)	(2,289)
Other current assets	20,187	478
Net cash provided (used) by operating activities	15,136	(4,103)
INVESTING ACTIVITIES
Net cash used by investing activities	0	0
FINANCING ACTIVITIES
Lease payments	(34)	0
Net cash used by financing activities	(34)	0
Net increase (decrease) in cash and cash equivalents	15,102	(4,103)
Cash and cash equivalents, beginning of period	55,484	17,004
Cash and cash equivalents, end of period	70,586	12,901
Supplemental Cash Flow Information
Interest paid	4	173
Interest earned	$ 767	$ 161

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation and Presentation The financial statements represent the condensed consolidated financial position and results of operations of Gatos Silver, Inc. and its subsidiaries, Gatos Silver Canada Corporation and Minera Luz del Sol S. de R.L. de C.V. Unless the context otherwise requires, references to "Gatos Silver" or the "Company" mean Gatos Silver, Inc. and its consolidated subsidiaries. The interim condensed consolidated financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which are necessary for a fair presentation for the dates and periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all financial information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2024, and the amended Annual Report on Form 10-K/A filed with the SEC on May 6, 2024 (collectively the “2023 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Summary of Significant Accounting Policies The consolidated financial statements for the year ended December 31, 2023, disclose those accounting policies considered significant in determining results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the 2023 10-K. Recent Accounting Pronouncements In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-02, Codification Improvements: Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Accounting Standards Codification (the "ASC") that remove references to various FASB Concepts Statements. The FASB has a standing project on its agenda to address suggestions received from stakeholders on the ASC and other incremental improvements to GAAP. This effort facilitates ASC updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The resulting amendments are referred to as ASC improvements. The amendments of this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still assessing the impact of this ASU, but does not expect it to have a material 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 ASU modify the disclosure or presentation requirements of a variety of Topics in the ASC. Certain amendments represent clarifications to or technical corrections of the current requirements. Each amendment in this ASU will only become effective if the Securities and Exchange Commission 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. There have been no other accounting pronouncements issued or adopted during the three months ended March 31, 2024, which are expected to have a material impact on the financial statements.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets March 31, 2024 December 31, 2023 Value added tax receivable $ 696 $ 691 Prepaid expenses 1,379 1,914 Insurance proceeds receivable 403 20,000 Other assets 8 37 Total other current assets $ 2,486 $ 22,642 The insurance proceeds receivable represents estimated insurance payable by the Company’s insurers to claimants on behalf of the Company related to the settlement of the U.S. Class Action and Canadian Class Action (each, as defined in Note 9) lawsuits. On March 22, 2024, the Company and its insurers made a payment in escrow of $1,403 and $19,597, respectively. See Note 9 Commitments, Contingencies and Guarantees, for further discussion on the U.S. Class Action and Canadian Class Action lawsuits and related settlement.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities March 31, 2024 December 31, 2023 Accounts payable $ 375 $ 2,713 Accrued expenses 4,700 3,031 Accrued compensation 1,762 3,215 Legal settlement payable 3,000 24,000 Current tax payable 414 387 Other liabilities 125 11 Total accounts payable and other current liabilities $ 10,376 $ 33,357 The legal settlement payable represents the estimated settlement amount payable to claimants included in the U.S. Class Action and Canadian Class Action lawsuits. On March 22, 2024, the Company made a payment in escrow of $1,403 to fund the U.S. Class Action settlement. See Note 9 Commitments, Contingencies and Guarantees, for further discussion on the U.S. Class Action and Canadian Class Action lawsuits and related settlement.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Los Gatos Joint Venture ("LGJV") Under the Unanimous Omnibus Partner Agreement, the Company provides certain management and administrative services to the LGJV. The Company earned $1,500 and $1,250 under this agreement for the three months ended March 31, 2024 and 2023, respectively, which has been recorded on the statement of income and comprehensive income under other income. The Company received $1,500 and $1,250 in cash from the LGJV under this agree ment for the three months ended March 31, 2024 and 2023, respectively. The Company had receivables under this agreement of nil and nil as of March 31, 2024, and December 31, 2023, respectively. The Company also incurs certain LGJV related costs that are subsequently reimbursed by the LGJV. The Company seconds certain employees to the LGJV and charged $580 and $562 related to this arrangement in the three months ended March 31, 2024 and 2023, respectively. The Company received $659 and $1,464 in cash in the three months ended March 31, 2024 and 2023, respectively, and had $171 and $250 of receivables at March 31, 2024, and December 31, 2023 , respectively, related to this arrangement.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
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. Stock-Based Compensation The Company recognized stock-based compensation expense as follows: Three Months Ended March 31, 2024 2023 Stock Options $ 690 $ 693 Performance share units 51 50 Restricted share units 940 — Total stock-based compensation $ 1,681 $ 743 Stock Option Transactions The Company granted 592,753 stock options during the three months ended March 31, 2024, with a weighted-average grant date fair value per share of $3.70 and granted nil stock options for three months ended March 31, 2023. No stock options were exercised during the three months ended March 31, 2024 and 2023. Total unrecognized stock-based compensation expense as of March 31, 2024, was $3,520, which is expected to be recognized over a weighted average period of 2.1 years. Stock option activity for the three months ended March 31, 2024, is summarized in the following tables: Employee & Director Options Number of options Weighted‑ Average Exercise Price Outstanding at December 31, 2023 2,616,515 $ 8.83 Granted 592,753 $ 6.41 Forfeited (17,818) $ 6.82 Expired (9,946) $ 11.62 Outstanding at March 31, 2024 3,181,504 $ 8.38 Vested at March 31, 2024 1,928,955 $ 9.55 The following assumptions were used to compute the fair value of the options granted using the Black-Scholes option valuation model: January 2024 Risk-free interest rate 3.86 % Dividend yield — Estimated volatility 58.00 % Expected option life 6 years At March 31, 2024, the Company had 32,393 stock options previously granted to LGJV-personnel outstanding with a weighted-average exercise price of $7.31 and a weighted-average remaining life of 1.8 years. There were no grants or exercises during the three months ended March 31, 2024 and March 31, 2023. Performance Share Unit ("PSU") 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. At March 31, 2024, there were 40,802 PSUs outstanding. On March 31, 2024, unrecognized compensation expense related to the PSUs was $115, which is expected to be recognized over a weighted-average period of 0.7 years. Restricted Stock Unit ("RSU") Transactions 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. Each earned RSU represents the right to receive one share of the Company's common stock, subject to the terms of the grant agreement, and generally vest on or before the third year-end of the grant date. During the three months ended March 31, 2024, the Company granted 296,375 RSUs with grant date fair value of $6.41. During the period, 11,948 RSUs were forfeited. No RSUs were granted during the three months ended March 31, 2023. The following table summarizes the RSU activity for the three months ended March 31, 2024: Employee RSUs Number of RSUs Weighted‑ Average Price Per Share Outstanding at December 31, 2023 925,172 $ 5.04 Granted 296,375 $ 6.41 Forfeited (11,948) $ 5.50 Expired — $ — Outstanding at March 31, 2024 1,209,599 $ 8.38 Compensation expense is recognized ratably from the grant date over the requisite vesting period. On March 31, 2024, unrecognized compensation expense related to the RSUs was $4,511, which is expected to be recognized over a weighted-average period of 1.76 years. Deferred Stock Unit ("DSU") Transactions DSUs are awarded to directors at the discretion of the Company's 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 fair value of the DSUs is equal to the fair value of the Company’s common stock on the grant date. During the three months ended March 31, 2024, the Company granted 909 DSUs. No DSUs were granted during the three months ended March 31, 2023. The following table summarizes the DSU activity for the three months ended March 31, 2024: Employee and Director DSUs Number of DSUs Weighted‑ Average Grant Price Outstanding at December 31, 2023 302,920 $ 7.76 Granted 909 $ 8.39 Outstanding at March 31, 2024 303,829 $ 7.76

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share Basic net income per share is computed by dividing net 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 in-the-money 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 three months ended March 31, 2024, and March 31, 2023, weighted average outstanding in-the-money stock options, PSUs, RSUs and DSUs are included in dilutive earnings per common share calculation. A reconciliation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended March 31, 2024 2023 Net income and comprehensive income $ 2,532 $ 835 Weighted average shares: Basic 69,181,047 69,162,223 Effect of dilutive stock options 312,878 — Effect of dilutive PSUs 38,966 — Effect of dilutive RSUs 583,844 — Effect of dilutive DSUs 302,930 146,796 Diluted 70,419,665 69,309,019 Net income per share: Basic and Diluted $ 0.04 $ 0.01

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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. 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). The Company recorded its initial investment in affiliates at fair value within Level 3 of the fair value hierarchy, as the valuation was determined based on internally developed assumptions with few observable inputs and no market activity.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated financial statements indicates that it is probable that a liability has been incurred at the date of the condensed consolidated 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 condensed consolidated 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 approvals, 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 disclosures 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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 properties and includes the Company’s investment in the LGJV. Financial information relating to the Company’s segments is as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Mexico Corporate Total Mexico Corporate Total Exploration expense $ 31 $ — $ 31 $ 26 $ — $ 26 General and administrative expense 174 6,789 6,963 224 5,312 5,536 Amortization expense 4 — 4 — 37 37 Equity income in affiliates (7,288) — (7,288) (5,011) — (5,011) Interest expense — — — — 164 164 Interest income — (767) (767) — (161) (161) Other income 8 (1,526) (1,518) (14) (1,412) (1,426) Income tax expense — 43 43 — — — Total assets 61,016 321,383 382,399 121,623 261,207 382,830

Investment in Affiliates

Investment in Affiliates	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Affiliates	Investment in Affiliates During the three months ended March 31, 2024 and 2023, the Company recognized $7,288 and $5,011 of income, 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. The equity income or loss in affiliates 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. 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. Subsequently, 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. The LGJV Entities’ combined balance sheets as of March 31, 2024, and December 31, 2023, the combined statements of income for the three months ended March 31, 2024 and 2023, and the statement of cash flows for the three months ended March 31, 2024 and 2023 are as follows: (in thousands) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 29,784 $ 34,303 Receivables 12,221 12,634 Inventories 14,598 16,397 VAT receivable 10,117 12,610 Income tax receivable 18,828 20,185 Other current assets 2,770 1,253 Total current assets 88,318 97,382 Non-Current Assets Mine development, net 234,083 234,980 Property, plant and equipment, net 165,411 171,965 Deferred tax assets 7,389 9,568 Total non-current assets 406,883 416,513 Total Assets $ 495,201 $ 513,895 LIABILITIES AND OWNERS’ CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 39,649 $ 38,704 Related party payable 485 560 Total current liabilities 40,134 39,264 Non-Current Liabilities Lease liability 188 208 Asset retirement obligation 11,810 11,593 Deferred tax liabilities 3,952 3,885 Total non-current liabilities 15,950 15,686 Owners’ Capital Capital contributions 425,638 455,638 Paid-in capital 18,186 18,186 Accumulated deficit (4,707) (14,879) Total owners’ capital 439,117 458,945 Total Liabilities and Owners’ Capital $ 495,201 $ 513,895 Three Months Ended, March 31, (in thousands) 2024 2023 Revenue $ 72,218 $ 69,865 Expenses Cost of sales 30,771 25,988 Royalties 330 418 Exploration 1,371 463 General and administrative 4,285 3,936 Depreciation, depletion and amortization 20,256 20,819 Total expenses 57,013 51,624 Other expense (income) Accretion expense 217 296 Interest expense 195 126 Interest income (273) — Other income (5) (12) Foreign exchange loss (gain) 124 (827) 258 (417) Income before taxes 14,947 18,658 Income tax expense 4,775 5,957 Net income and comprehensive income $ 10,172 $ 12,701 Three Months Ended March 31, (in thousands) 2024 2023 Cash flows from operating activities: Net income $ 10,172 $ 12,701 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 20,256 20,819 Accretion 217 296 Deferred taxes 2,341 907 Unrealized loss (gain) on foreign currency rate change 346 (414) Changes in operating assets and liabilities: VAT receivable 2,517 2,521 Receivables 413 13,277 Inventories 1,232 (1,075) Other current assets (1,517) (2,610) Income tax receivable 1,037 4,187 Accounts payable and other accrued liabilities 386 (9,459) Payables to related parties (75) (1,106) Net cash provided by operating activities 37,325 40,044 Cash flows from investing activities: Mine development (9,993) (8,312) Purchase of property, plant and equipment (1,835) (2,542) Materials and supplies inventory — (512) Net cash used by investing activities (11,828) (11,366) Cash flows from financing activities: Equipment loan and lease payments (16) (290) Capital distribution (30,000) — Net cash used by financing activities (30,016) (290) Net increase (decrease) in cash and cash equivalents (4,519) 28,388 Cash and cash equivalents, beginning of period 34,303 34,936 Cash and cash equivalents, end of period $ 29,784 $ 63,324 Interest paid $ 195 $ 126 Interest earned $ 273 $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 26, 2024, the Company made a payment in escrow of $2,597 to fund the Canadian Class Action settlement. See Note 9 Commitments, Contingencies and Guarantees, for further discussion on the U.S. Class Action and Canadian Class Action lawsuits and related settlement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 2,532	$ 835

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-02, Codification Improvements: Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Accounting Standards Codification (the "ASC") that remove references to various FASB Concepts Statements. The FASB has a standing project on its agenda to address suggestions received from stakeholders on the ASC and other incremental improvements to GAAP. This effort facilitates ASC updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The resulting amendments are referred to as ASC improvements. The amendments of this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still assessing the impact of this ASU, but does not expect it to have a material 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 ASU modify the disclosure or presentation requirements of a variety of Topics in the ASC. Certain amendments represent clarifications to or technical corrections of the current requirements. Each amendment in this ASU will only become effective if the Securities and Exchange Commission 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. There have been no other accounting pronouncements issued or adopted during the three months ended March 31, 2024, which are expected to have a material impact on the 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. 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). The Company recorded its initial investment in affiliates at fair value within Level 3 of the fair value hierarchy, as the valuation was determined based on internally developed assumptions with few observable inputs and no market activity.

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	March 31, 2024 December 31, 2023 Value added tax receivable $ 696 $ 691 Prepaid expenses 1,379 1,914 Insurance proceeds receivable 403 20,000 Other assets 8 37 Total other current assets $ 2,486 $ 22,642

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2024 December 31, 2023 Accounts payable $ 375 $ 2,713 Accrued expenses 4,700 3,031 Accrued compensation 1,762 3,215 Legal settlement payable 3,000 24,000 Current tax payable 414 387 Other liabilities 125 11 Total accounts payable and other current liabilities $ 10,376 $ 33,357

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Share-Based Payment Arrangement, Option, Activity	Stock option activity for the three months ended March 31, 2024, is summarized in the following tables: Employee & Director Options Number of options Weighted‑ Average Exercise Price Outstanding at December 31, 2023 2,616,515 $ 8.83 Granted 592,753 $ 6.41 Forfeited (17,818) $ 6.82 Expired (9,946) $ 11.62 Outstanding at March 31, 2024 3,181,504 $ 8.38 Vested at March 31, 2024 1,928,955 $ 9.55 At March 31, 2024, the Company had 32,393 stock options previously granted to LGJV-personnel outstanding with a weighted-average exercise price of $7.31 and a weighted-average remaining life of 1.8 years. There were no grants or exercises during the three months ended March 31, 2024 and March 31, 2023.
Share-Based Payment Arrangement, Activity	The Company recognized stock-based compensation expense as follows: Three Months Ended March 31, 2024 2023 Stock Options $ 690 $ 693 Performance share units 51 50 Restricted share units 940 — Total stock-based compensation $ 1,681 $ 743 The following table summarizes the RSU activity for the three months ended March 31, 2024: Employee RSUs Number of RSUs Weighted‑ Average Price Per Share Outstanding at December 31, 2023 925,172 $ 5.04 Granted 296,375 $ 6.41 Forfeited (11,948) $ 5.50 Expired — $ — Outstanding at March 31, 2024 1,209,599 $ 8.38 The following table summarizes the DSU activity for the three months ended March 31, 2024: Employee and Director DSUs Number of DSUs Weighted‑ Average Grant Price Outstanding at December 31, 2023 302,920 $ 7.76 Granted 909 $ 8.39 Outstanding at March 31, 2024 303,829 $ 7.76
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: January 2024 Risk-free interest rate 3.86 % Dividend yield — Estimated volatility 58.00 % Expected option life 6 years

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended March 31, 2024 2023 Net income and comprehensive income $ 2,532 $ 835 Weighted average shares: Basic 69,181,047 69,162,223 Effect of dilutive stock options 312,878 — Effect of dilutive PSUs 38,966 — Effect of dilutive RSUs 583,844 — Effect of dilutive DSUs 302,930 146,796 Diluted 70,419,665 69,309,019 Net income per share: Basic and Diluted $ 0.04 $ 0.01

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information relating to the Company’s segments is as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Mexico Corporate Total Mexico Corporate Total Exploration expense $ 31 $ — $ 31 $ 26 $ — $ 26 General and administrative expense 174 6,789 6,963 224 5,312 5,536 Amortization expense 4 — 4 — 37 37 Equity income in affiliates (7,288) — (7,288) (5,011) — (5,011) Interest expense — — — — 164 164 Interest income — (767) (767) — (161) (161) Other income 8 (1,526) (1,518) (14) (1,412) (1,426) Income tax expense — 43 43 — — — Total assets 61,016 321,383 382,399 121,623 261,207 382,830

Investment in Affiliates (Table

Investment in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	LOS GATOS JOINT VENTURE COMBINED BALANCE SHEETS (UNAUDITED) (in thousands) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 29,784 $ 34,303 Receivables 12,221 12,634 Inventories 14,598 16,397 VAT receivable 10,117 12,610 Income tax receivable 18,828 20,185 Other current assets 2,770 1,253 Total current assets 88,318 97,382 Non-Current Assets Mine development, net 234,083 234,980 Property, plant and equipment, net 165,411 171,965 Deferred tax assets 7,389 9,568 Total non-current assets 406,883 416,513 Total Assets $ 495,201 $ 513,895 LIABILITIES AND OWNERS’ CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 39,649 $ 38,704 Related party payable 485 560 Total current liabilities 40,134 39,264 Non-Current Liabilities Lease liability 188 208 Asset retirement obligation 11,810 11,593 Deferred tax liabilities 3,952 3,885 Total non-current liabilities 15,950 15,686 Owners’ Capital Capital contributions 425,638 455,638 Paid-in capital 18,186 18,186 Accumulated deficit (4,707) (14,879) Total owners’ capital 439,117 458,945 Total Liabilities and Owners’ Capital $ 495,201 $ 513,895
Condensed Income Statement	LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended, March 31, (in thousands) 2024 2023 Revenue $ 72,218 $ 69,865 Expenses Cost of sales 30,771 25,988 Royalties 330 418 Exploration 1,371 463 General and administrative 4,285 3,936 Depreciation, depletion and amortization 20,256 20,819 Total expenses 57,013 51,624 Other expense (income) Accretion expense 217 296 Interest expense 195 126 Interest income (273) — Other income (5) (12) Foreign exchange loss (gain) 124 (827) 258 (417) Income before taxes 14,947 18,658 Income tax expense 4,775 5,957 Net income and comprehensive income $ 10,172 $ 12,701
Condensed Cash Flow Statement	LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, (in thousands) 2024 2023 Cash flows from operating activities: Net income $ 10,172 $ 12,701 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 20,256 20,819 Accretion 217 296 Deferred taxes 2,341 907 Unrealized loss (gain) on foreign currency rate change 346 (414) Changes in operating assets and liabilities: VAT receivable 2,517 2,521 Receivables 413 13,277 Inventories 1,232 (1,075) Other current assets (1,517) (2,610) Income tax receivable 1,037 4,187 Accounts payable and other accrued liabilities 386 (9,459) Payables to related parties (75) (1,106) Net cash provided by operating activities 37,325 40,044 Cash flows from investing activities: Mine development (9,993) (8,312) Purchase of property, plant and equipment (1,835) (2,542) Materials and supplies inventory — (512) Net cash used by investing activities (11,828) (11,366) Cash flows from financing activities: Equipment loan and lease payments (16) (290) Capital distribution (30,000) — Net cash used by financing activities (30,016) (290) Net increase (decrease) in cash and cash equivalents (4,519) 28,388 Cash and cash equivalents, beginning of period 34,303 34,936 Cash and cash equivalents, end of period $ 29,784 $ 63,324 Interest paid $ 195 $ 126 Interest earned $ 273 $ —

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Value added tax receivable	$ 696	$ 691
Prepaid expenses	1,379	1,914
Insurance proceeds receivable	403	20,000
Other assets	8	37
Other current assets	$ 2,486	$ 22,642

Other Current Assets - Addition

Other Current Assets - Additional Information (Details) - USD ($) $ in Thousands	Mar. 22, 2024	Feb. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Payments for legal settlements	$ 1,403
Operating lease, right-of-use asset			$ 380
Other liabilities			125	$ 11
Lease liability			$ 255	$ 0
U.S. Class Action
Loss Contingencies [Line Items]
Payments for legal settlements	1,403	$ 1,403
U.S. Class Action | Company's Insurers
Loss Contingencies [Line Items]
Payments for legal settlements	$ 19,597	$ 19,597

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities - Schedule of Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 375	$ 2,713
Accrued expenses	4,700	3,031
Accrued compensation	1,762	3,215
Legal settlement payable	3,000	24,000
Current tax payable	414	387
Other liabilities	125	11
Accounts payable and other accrued liabilities	$ 10,376	$ 33,357

Accounts Payable and Other Ac_4

Accounts Payable and Other Accrued Liabilities - Narrative (Details) $ in Thousands	Mar. 22, 2024 USD ($)
Payables and Accruals [Abstract]
Payments for legal settlements	$ 1,403

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party receivables	$ 464,000		$ 560,000
Related Party
Related Party Transaction [Line Items]
Proceeds from fees received	659,000	$ 1,464,000
Related party receivables	171,000		250,000
Related party transaction, amounts of transaction	580,000	562,000
Related Party | Unanimous Omnibus Partner Agreement
Related Party Transaction [Line Items]
Revenue	1,500,000	1,250,000
Proceeds from fees received	1,500,000	$ 1,250,000
Related party receivables	$ 0		$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 17, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		700,000,000		700,000,000
Common stock, par value (in dollars per share)		$ 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
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		592,753	0
Exercises in period (in shares)		0	0
Granted (in dollars per share)		$ 3.70
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 3,520
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		2 years 1 month 6 days
Stock Options | Los Gatos Joint Venture
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		0	0
Exercises in period (in shares)		0	0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 9 months 18 days
Outstanding and vested (in shares)		32,393
Outstanding and vested (in dollars per share)		$ 7.31
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		8 months 12 days
Share-based payment award, equity instruments other than options, grants in period (in shares)	119,790
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 payment award, equity instruments other than options, nonvested, number (in shares)		40,802
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount		$ 115
Restricted share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 4,511
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 9 months 3 days
Share-based payment award, equity instruments other than options, grants in period (in shares)		296,375	0
Share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		$ 6.41
Share-based payment award, equity instruments other than options, nonvested, number (in shares)		1,209,599		925,172
Share-based compensation arrangement by share-based payment award, number of shares underlying each award (in shares)		1
Share-based compensation arrangement by share-based payment award, award vesting period		3 years
Forfeited (in shares)		11,948
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)		909	0
Share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)		$ 8.39
Share-based payment award, equity instruments other than options, nonvested, number (in shares)		303,829		302,920
Share-based compensation arrangement by share-based payment award, number of shares underlying each award (in shares)		1

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,681	$ 743
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	690	693
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	51	50
Restricted share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 940	$ 0

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Stock Option Activity (Details) - Stock Options - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of options
Granted (in shares)	592,753	0
Weighted‑ Average Exercise Price
Granted (in dollars per share)	$ 3.70
Employee & Director Options
Number of options
Outstanding, beginning balance (in shares)	2,616,515
Granted (in shares)	592,753
Forfeited (in shares)	(17,818)
Expired (in shares)	(9,946)
Outstanding, ending balance (in shares)	3,181,504
Outstanding and vested (in shares)	1,928,955
Weighted‑ Average Exercise Price
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)	$ 8.83
Granted (in dollars per share)	6.41
Forfeited (in dollars per share)	6.82
Expired (in dollars per share)	11.62
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	8.38
Vested (in dollars per share)	$ 9.55

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Valuation Assumptions (Details)	1 Months Ended
	Jan. 31, 2024 USD ($)
Equity [Abstract]
Risk-free interest rate	3.86%
Dividend yield	$ 0
Estimated volatility	58%
Expected option life	6 years

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Restricted Stock Units (Details) - Restricted share units - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of RSUs
Outstanding, beginning balance (in shares)	925,172
Granted (in shares)	296,375	0
Forfeited (in shares)	(11,948)
Expired (in shares)	0
Outstanding, ending balance (in shares)	1,209,599
Weighted‑ Average Grant Price
Beginning balance, weighted-average exercise price (in dollars per share)	$ 5.04
Granted (in dollars per share)	6.41
Forfeited (in dollars per share)	5.50
Expired (in dollars per share)	0
Ending balance, weighted-average exercise price (in dollars per share)	$ 8.38

Stockholders' Equity - Schedu_5

Stockholders' Equity - Schedule of Deferred Stock Unit Activity (Details) - Deferred Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of DSUs
Outstanding, beginning balance (in shares)	302,920
Granted (in shares)	909	0
Outstanding, ending balance (in shares)	303,829
Weighted‑ Average Grant Price
Beginning balance, weighted-average exercise price (in dollars per share)	$ 7.76
Granted (in dollars per share)	8.39
Ending balance, weighted-average exercise price (in dollars per share)	$ 7.76

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 2,532	$ 835
Comprehensive income	$ 2,532	$ 835
Weighted average shares outstanding:
Basic (in shares)	69,181,047	69,162,223
Diluted (in shares)	70,419,665	69,309,019
Net income per share:
Basic (in dollars per share)	$ 0.04	$ 0.01
Diluted (in dollars per share)	$ 0.04	$ 0.01
Stock Options
Weighted average shares outstanding:
Effect of dilutive units (in shares)	312,878	0
Performance share units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	38,966	0
Restricted share units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	583,844	0
Deferred Stock Units
Weighted average shares outstanding:
Effect of dilutive units (in shares)	302,930	146,796

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Thousands	Apr. 26, 2024	Apr. 16, 2024	Mar. 22, 2024	Feb. 29, 2024	Jan. 26, 2024	Jun. 13, 2023
Loss Contingencies [Line Items]
Payments for legal settlements			$ 1,403
U.S. Class Action
Loss Contingencies [Line Items]
Loss contingency, damages sought, value						$ 21,000
Loss contingency, escrow account, maximum funding period				30 days
Payments for legal settlements			1,403	$ 1,403
Litigation settlement, expense					$ 3,000
U.S. Class Action | Company's Insurers
Loss Contingencies [Line Items]
Payments for legal settlements			$ 19,597	$ 19,597
U.S. Class Action | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, escrow account, maximum funding period		30 days
Payments for legal settlements	$ 2,597	$ 2,597
U.S. Class Action | Subsequent Event | Company's Insurers
Loss Contingencies [Line Items]
Payments for legal settlements		$ 403

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Exploration expense	$ 31	$ 26
General and administrative expense	6,963	5,536
Amortization expense	4	37
Equity income in affiliates	(7,288)	(5,011)
Interest expense	0	164
Interest income	(767)	(161)
Other income	(1,518)	(1,426)
Income tax expense	43	0
Total Assets	382,399	382,830	$ 400,904
Mexico
Segment Reporting Information [Line Items]
Exploration expense	31	26
General and administrative expense	174	224
Amortization expense	4	0
Equity income in affiliates	(7,288)	(5,011)
Interest expense	0	0
Interest income	0	0
Other income	8	(14)
Income tax expense	0	0
Total Assets	61,016	121,623
Corporate
Segment Reporting Information [Line Items]
Exploration expense	0	0
General and administrative expense	6,789	5,312
Amortization expense	0	37
Equity income in affiliates	0	0
Interest expense	0	164
Interest income	(767)	(161)
Other income	(1,526)	(1,412)
Income tax expense	43	0
Total Assets	$ 321,383	$ 261,207

Investment in Affiliates - Addi

Investment in Affiliates - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 22, 2024	Feb. 15, 2024	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity income in affiliates			$ 7,288	$ 5,011
Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity income in affiliates			$ 7,288	$ 5,011
Los Gatos Joint Venture | Los Gatos Joint Venture
Schedule of Equity Method Investments [Line Items]
Capital distribution		$ 30,000
Payments of ordinary dividends		$ 21,000
Los Gatos Joint Venture | Los Gatos Joint Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Capital distribution	$ 25,000
Payments of ordinary dividends	$ 17,500

Investment in Affiliates - Sche

Investment in Affiliates - Schedule of Combined Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 70,586	$ 55,484
Value added tax receivable	696	691
Other current assets	2,486	22,642
Total current assets	73,536	78,686
Non-Current Assets
Deferred tax assets	246	266
Total Assets	382,399	400,904	$ 382,830
Current Liabilities
Related party payable	125	11
Non-Current Liabilities
Lease liability	255	0
Owners’ Capital
Paid-in capital	555,008	553,319
Accumulated deficit	(183,357)	(185,889)
Total Liabilities and Stockholders' Equity	382,399	400,904
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Current Assets
Cash and cash equivalents	29,784	34,303
Receivables	12,221	12,634
Inventories	14,598	16,397
Value added tax receivable	10,117	12,610
Income tax receivable	18,828	20,185
Other current assets	2,770	1,253
Total current assets	88,318	97,382
Non-Current Assets
Mine development, net	234,083	234,980
Property, plant and equipment, net	165,411	171,965
Deferred tax assets	7,389	9,568
Total non-current assets	406,883	416,513
Total Assets	495,201	513,895
Current Liabilities
Accounts payable and accrued liabilities	39,649	38,704
Related party payable	485	560
Total current liabilities	40,134	39,264
Non-Current Liabilities
Lease liability	188	208
Asset retirement obligation	11,810	11,593
Deferred tax liabilities	3,952	3,885
Total non-current liabilities	15,950	15,686
Owners’ Capital
Capital contributions	425,638	455,638
Paid-in capital	18,186	18,186
Accumulated deficit	(4,707)	(14,879)
Total owners’ capital	439,117	458,945
Total Liabilities and Stockholders' Equity	$ 495,201	$ 513,895

Investment in Affiliates - Sc_2

Investment in Affiliates - Schedule of Combined Statements of Operations And Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Expenses
Exploration	$ 31	$ 26
General and administrative	6,963	5,536
Other income (expense)
Interest expense	0	164
Interest income	(767)	(161)
Net other income	(9,573)	(6,434)
Income before taxes	2,575	835
Income tax expense	43	0
Net income	2,532	835
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenue	72,218	69,865
Expenses
Cost of sales	30,771	25,988
Royalties	330	418
Exploration	1,371	463
General and administrative	4,285	3,936
Depreciation, depletion and amortization	20,256	20,819
Total expenses	57,013	51,624
Other income (expense)
Accretion expense	217	296
Interest expense	195	126
Interest income	(273)	0
Other income	(5)	(12)
Foreign exchange loss (gain)	124	(827)
Net other income	258	(417)
Income before taxes	14,947	18,658
Income tax expense	4,775	5,957
Net income	$ 10,172	$ 12,701

Investment in Affiliates - Sc_3

Investment in Affiliates - Schedule of Combined Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,532	$ 835
Changes in operating assets and liabilities:
Other current assets	20,187	478
Accounts payable and other accrued liabilities	(23,053)	(2,289)
Net cash provided (used) by operating activities	15,136	(4,103)
INVESTING ACTIVITIES
Net cash used by investing activities	0	0
FINANCING ACTIVITIES
Net cash used by financing activities	(34)	0
Cash and cash equivalents, beginning of period	55,484	17,004
Cash and cash equivalents, end of period	70,586	12,901
Supplemental Cash Flow Information
Interest paid	4	173
Interest earned	767	161
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Cash flows from operating activities:
Net income	10,172	12,701
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation, depletion and amortization	20,256	20,819
Accretion	217	296
Deferred taxes	2,341	907
Unrealized loss (gain) on foreign currency rate change	346	(414)
Changes in operating assets and liabilities:
VAT receivable	2,517	2,521
Receivables	413	13,277
Inventories	1,232	(1,075)
Other current assets	(1,517)	(2,610)
Income tax receivable	1,037	4,187
Accounts payable and other accrued liabilities	386	(9,459)
Payables to related parties	(75)	(1,106)
Net cash provided (used) by operating activities	37,325	40,044
INVESTING ACTIVITIES
Mine development	(9,993)	(8,312)
Purchase of property, plant and equipment	(1,835)	(2,542)
Materials and supplies inventory	0	(512)
Net cash used by investing activities	(11,828)	(11,366)
FINANCING ACTIVITIES
Equipment loan and lease payments	(16)	(290)
Capital distribution	(30,000)	0
Net cash used by financing activities	(30,016)	(290)
Net increase (decrease) in cash and cash equivalents	(4,519)	28,388
Cash and cash equivalents, beginning of period	34,303	34,936
Cash and cash equivalents, end of period	29,784	63,324
Supplemental Cash Flow Information
Interest paid	195	126
Interest earned	$ 273	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 26, 2024	Apr. 16, 2024	Mar. 22, 2024	Feb. 29, 2024
Subsequent Event [Line Items]
Payments for legal settlements			$ 1,403
U.S. Class Action
Subsequent Event [Line Items]
Payments for legal settlements			$ 1,403	$ 1,403
U.S. Class Action | Subsequent Event
Subsequent Event [Line Items]
Payments for legal settlements	$ 2,597	$ 2,597