Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (53,189) $ (30,656)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 2,387 1,026
Borrowed inventory included in cost of sales 19,282 0
Payment of deposit on borrowed inventory (3,750) 0
Net realizable value adjustments 6,005 10,689
Amortization of mineral properties 387 814
Depreciation of capital assets 2,735 2,167
Accretion expense 760 497
Amortization of deferred loan costs 33 43
Provision for reclamation (6) 0
Mark to market loss (gain) (6,444) 1,586
Unrealized foreign exchange gain (80) (319)
Changes in non-cash working capital:    
Trade receivables (16,511) 0
Lease receivable (1,196) (285)
Inventory (24,178) (3,357)
Prepaid expenses (251) (178)
Accounts payable and accrued liabilities 2,098 991
Net cash used in operating activities (71,918) (16,982)
Investing activities    
Purchase of capital assets (9,046) (2,039)
Net cash used in investing activities (9,046) (2,039)
Financing activities    
Issuance of common shares and warrants for cash 97,568 53,142
Share issue costs (4,683) (3,165)
Proceeds from exercise of warrants and stock options 12,401 1,586
RSU redeemed for cash (60) (69)
Change in finance lease liabilities 391 0
Repayment of debt (5,727) (5,409)
Net cash provided by financing activities 99,890 46,085
Effects of foreign exchange rate changes on cash (97) 45
Increase in cash and cash equivalents, and restricted cash and cash equivalents 18,829 27,109
Beginning cash and cash equivalents, and restricted cash and cash equivalents 68,249 41,140
Ending cash and cash equivalents, and restricted cash and cash equivalents $ 87,078 $ 68,249