Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Entity Registrant Name | Golden Minerals Co | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | AUMN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 162,469,612 | |
Entity Central Index Key | 0001011509 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents (Note 3) | $ 7,975 | $ 9,704 |
Short-term investments (Note 3) | 131 | 79 |
Lease receivables | 72 | |
Inventories, net (Note 5) | 1,840 | 284 |
Value added tax receivable, net | 805 | 45 |
Prepaid expenses and other assets (Note 4) | 990 | 1,130 |
Total current assets | 11,741 | 11,314 |
Property, plant and equipment, net (Note 7) | 6,106 | 5,520 |
Other long term assets (Note 8) | 978 | 1,472 |
Total assets | 18,825 | 18,306 |
Current liabilities | ||
Accounts payable and other accrued liabilities (Note 9) | 2,290 | 1,318 |
Deferred revenue, current (Note 17) | 396 | 535 |
Other current liabilities (Note 11) | 544 | 667 |
Total current liabilities | 3,230 | 2,520 |
Asset retirement and reclamation liabilities (Note 12) | 3,145 | 3,166 |
Other long term liabilities (Note 11) | 512 | 648 |
Total liabilities | 6,887 | 6,334 |
Commitments and contingencies (Note 20) | ||
Equity (Note 15) | ||
Common stock, $.01 par value, 200,000,000 shares authorized; 162,469,612 and 157,512,652 shares issued and outstanding respectively | 1,625 | 1,575 |
Additional paid in capital | 539,357 | 536,263 |
Accumulated deficit | (529,044) | (525,866) |
Shareholders' equity | 11,938 | 11,972 |
Total liabilities and equity | $ 18,825 | $ 18,306 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 162,469,612 | 157,512,652 |
Common stock, shares outstanding | 162,469,612 | 157,512,652 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Sale of metals (Note 16) | $ 1,778,000 | |
Oxide plant lease (Note 17) | $ 1,196,000 | |
Total revenue | 1,778,000 | 1,196,000 |
Costs and expenses: | ||
Cost of metals sold (exclusive of depreciation shown below) (Note 16) | (1,536,000) | |
Oxide plant lease costs (Note 17) | (564,000) | |
Exploration expense | (781,000) | (1,631,000) |
El Quevar project expense | (106,000) | (248,000) |
Velardeña care and maintenance costs | (199,000) | (463,000) |
Administrative expense | (1,548,000) | (1,163,000) |
Stock based compensation | (429,000) | (52,000) |
Reclamation expense | (66,000) | (59,000) |
Other operating income, net | 199,000 | 4,000 |
Depreciation and amortization | (155,000) | (279,000) |
Total costs and expenses | (4,621,000) | (4,455,000) |
Loss from operations | (2,843,000) | (3,259,000) |
Other income (expense): | ||
Interest and other expense, net (Note 18) | (360,000) | (27,000) |
Other income | 52,000 | |
Loss on foreign currency translations | (79,000) | (50,000) |
Total other loss | (387,000) | (77,000) |
Loss from operations before income taxes | (3,230,000) | (3,336,000) |
Income taxes (Note 14) | 52,000 | 0 |
Net loss | $ (3,178,000) | $ (3,336,000) |
Net loss per common share — basic | ||
Loss | $ (0.02) | $ (0.03) |
Weighted average Common Stock outstanding - basic | 160,442,137 | 107,247,298 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Option | ||
Dilutive shares | 8,039,040 | 7,559,040 |
Warrant | ||
Dilutive shares | 14,303,846 | 17,403,846 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net cash used in operating activities (Note 19) | $ (3,914) | $ (3,819) |
Cash flows from investing activities: | ||
Proceeds from sale of assets | 17 | |
Acquisitions of property, plant and equipment | (546) | (1) |
Net cash (used in) provided by investing activities | (529) | (1) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 2,714 | 439 |
Proceeds from related party loan (Note 22) | 1,000 | |
Net cash from financing activities | 2,714 | 1,439 |
Net decrease in cash and cash equivalents | (1,729) | (2,381) |
Cash and cash equivalents, beginning of period | 9,704 | 4,593 |
Cash and cash equivalents, end of period | $ 7,975 | $ 2,212 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 1,067 | $ 521,314 | $ (516,780) | $ 5,601 |
Balance (in shares) at Dec. 31, 2019 | 106,734,279 | |||
Increase (Decrease) in Stockholders' Equity | ||||
Stock compensation accrued (Note 15) | 52 | 52 | ||
Shares issued under the at-the-market offering agreement, net (Note 15) | $ 9 | 214 | 223 | |
Shares issued under the at-the-market offering agreement, net (Note 15)(in shares) | 823,452 | |||
Shares issued under the Lincoln Park commitment purchase agreement, net (Note 15) | $ 9 | 207 | 216 | |
Shares issued under the Lincoln Park commitment purchase agreement, net (Note 15)(in shares) | 900,000 | |||
Net loss | (3,336) | (3,336) | ||
Balance at Mar. 31, 2020 | $ 1,085 | 521,787 | (520,116) | 2,756 |
Balance (in shares) at Mar. 31, 2020 | 108,457,731 | |||
Balance at Dec. 31, 2020 | $ 1,575 | 536,263 | (525,866) | 11,972 |
Balance (in shares) at Dec. 31, 2020 | 157,512,652 | |||
Increase (Decrease) in Stockholders' Equity | ||||
Stock compensation accrued (Note 15) | 429 | 429 | ||
Shares issued under the at-the-market offering agreement, net (Note 15) | $ 19 | 1,681 | 1,700 | |
Shares issued under the at-the-market offering agreement, net (Note 15)(in shares) | 1,856,960 | |||
Warrants exercised (Note 15) | $ 31 | 984 | 1,015 | |
Warrants exercised (Note 15) (in shares) | 3,100,000 | |||
Net loss | (3,178) | (3,178) | ||
Balance at Mar. 31, 2021 | $ 1,625 | $ 539,357 | $ (529,044) | $ 11,938 |
Balance (in shares) at Mar. 31, 2021 | 162,469,612 |
Basis of Preparation of Financi
Basis of Preparation of Financial Statements and Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Preparation of Financial Statements and Nature of Operations | |
Basis of Preparation of Financial Statements and Nature of Operations | 1. Basis of Preparation of Financial Statements and Nature of Operations Golden Minerals Company (the “Company”), a Delaware corporation, has prepared these unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements do not include all disclosures required by GAAP for annual financial statements, but in the opinion of management, include all adjustments necessary for a fair presentation. Certain prior period amounts have been reclassified to conform to current classifications. Interim results are not necessarily indicative of results for a full year; accordingly, these interim financial statements should be read in conjunction with the annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and filed with the SEC on February 18, 2021. The Company is a mining company, holding a 100% interest in the Rodeo property in Durango State, Mexico (the “Rodeo Property”), a 100% interest in the Velardeña and Chicago precious metals mining properties and associated oxide and sulfide processing plants in the state of Durango, Mexico (the “Velardeña Properties”), a 100% interest in the El Quevar advanced exploration silver property in the province of Salta, Argentina, which is subject to the terms of the April 9, 2020 earn-in agreement (the “Earn-in Agreement”) pursuant to which Barrick Gold Corporation (“Barrick”) has the option to earn a 70% interest in the El Quevar project (see Note 7) , and a diversified portfolio of precious metals and other mineral exploration properties located primarily in or near historical precious metals producing regions of Argentina, Nevada and Mexico. The Rodeo Property, Velardeña Properties and the El Quevar advanced exploration property are the Company’s only material properties. The Company is primarily focused on mining operations at the Rodeo Property as well as further studies of a restart plan for the Velardeña mine, including use of bio-oxidation to improve the payable gold recovery. The Company is also focused on (i) advancing our El Quevar exploration property in Argentina through the Earn-in Agreement with Barrick and (ii) continuing to evaluate and search for mining opportunities in North America (including Mexico) with near-term prospects of mining, and particularly for properties within reasonable haulage distances of our processing plants at the Velardeña Properties. The Company is also reviewing strategic opportunities, focusing primarily on development or operating properties in North America, including Mexico. The Company began mining activities at the Rodeo Property during December 2020 and began processing mined material from Rodeo at the Velardeña plant in January 2021 . The employees at the Rodeo and Velardeña Properties, in addition to those that operate the plant that processes the Rodeo mined material, include an operations group, an administrative group and an exploration group to continue to advance the Company’s plans in Mexico and to provide oversight for corporate compliance activities as well as maintaining and safeguarding the longer-term value of the Velardeña Properties assets. The Company is considered an exploration stage company under SEC criteria since it has not yet demonstrated the existence of proven or probable mineral reserves, as defined by SEC Industry Guide 7, at any of its properties. Until such time, if ever, that the Company demonstrates the existence of proven or probable reserves pursuant to SEC Industry Guide 7, we expect to remain as an exploration stage company. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | 2. In December 2019, the FASB issued No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The guidance removes certain exceptions to the general principles of ASC 740 and simplifies several other areas. ASU 2019-12 is effective for public business entities for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. The Company has adopted ASU 2019-12 beginning in 2021. One of the amendments within ASU 2019-12 eliminates a limitation on the amount of income tax benefit that can be recognized in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The Company has applied this guidance in the calculation of the tax benefit included in “ Income taxes ” in the Condensed Consolidated Statements of Operations. The adoption of this guidance did not result in a material impact on the Company’s consolidated financial position or results of operations. During the first quarter 2020, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 modifies the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The adoption of this update did not result in a material impact on the Company’s consolidated financial position or results of operations. On April 12, 2021, the SEC published a statement relating to accounting and reporting considerations for warrants issued by Special Purpose Acquisition Companies (SPACs). The SEC statement raised accounting and reporting considerations for all reporting entities that restricts the use of the exception under ASC 815-40-25-7 thru 8 that allows for equity treatment, under certain conditions, for warrants that allow cash settlement in certain change of control transactions. The restriction put forth by the SEC would prevent equity treatment in cases where cash is received disproportionately between shareholders and warrant holders in such transactions. All of the outstanding warrants granted by the Company are recorded in equity at March 31, 2021 and December 31, 2020 following the guidance established by ASC Topic 815-40. The Company’s warrants allow for the potential settlement in cash if certain extraordinary events are effected by the Company, including a 50% or greater change of control in the Company’s common stock. Since those events have been deemed to be within the Company’s control, the Company continues to apply equity treatment for these warrants. |
Cash and Cash Equivalents and S
Cash and Cash Equivalents and Short-Term Investments | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents and Short-Term Investments | |
Cash and Cash Equivalents and Short-Term Investments | 3. Cash and Cash Equivalents and Short-term Investments The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Short-term investments include investments with maturities greater than three months, but not exceeding 12 months, or highly liquid investments with maturities greater than 12 months that the Company intends to liquidate during the next 12 months for working capital needs. The following tables summarize the Company's short-term investments at March 31, 2021 and December 31, 2020: Estimated Carrying March 31, 2021 Cost Fair Value Value (in thousands) Investments: Short-term: Trading securities $ 59 $ 131 $ 131 Total trading securities 59 131 131 Total short term $ 59 $ 131 $ 131 December 31, 2020 Investments: Short-term: Trading securities $ 59 $ 79 $ 79 Total trading securities 59 79 79 Total short term $ 59 $ 79 $ 79 The short-term investments at March 31, 2021 and December 31, 2020 consist of 1,000,000 common shares of Fabled Silver Gold Corp., formerly known as Fabled Copper Corp. (“Fabled”), a junior mining company that entered into an option agreement with the Company to acquire the Company’s option to earn a 100% interest in the Santa Maria mining claims located in Chihuahua, Mexico (see Note 7). The 1,000,000 common shares were issued to the Company as partial consideration per the terms of the option agreement. Credit Risk The Company invests substantially all of its excess cash with high credit-quality financial institutions or in U.S. government or debt securities. Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. For cash and equivalents and investments, credit risk represents the carrying amount on the balance sheet. The Company mitigates credit risk for cash and equivalents and investments by placing its funds and investments with high credit-quality financial institutions, limiting the amount of exposure to each of the financial institutions, monitoring the financial condition of the financial institutions and investing only in government and corporate securities rated “investment grade” or better. The Company invests with financial institutions that maintain a net worth of not less than $1 billion and are members in good standing with the Securities Investor Protection Corporation. |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses and Other Assets | |
Prepaid Expenses and Other Assets | 4. Prepaid Expenses and Other Assets Prepaid expenses and other current assets at March 31, 2021 and December 31, 2020 consist of the following: March 31, December 31, 2021 2020 (in thousands) Prepaid insurance $ 563 $ 571 Recoupable deposits and other 427 559 $ 990 $ 1,130 The March 31, 2021 recoupable deposits and other includes a receivable from Barrick for reimbursement of costs of approximately $0.1 million related to the Earn-in Agreement (see Note 7) and a deferred tax asset of $0.1 million (see Note 14). |
Inventories, net
Inventories, net | 3 Months Ended |
Mar. 31, 2021 | |
Inventories, net | |
Inventories, net | 5. Inventories, net Inventories at the Rodeo operation at March 31, 2021 and December 31, 2020 consist of the following: March 31, December 31, 2021 2020 (in thousands) Doré inventory $ 832 $ 0 In-process inventory 516 0 Material and supplies $ 492 $ 284 $ 1,840 $ 284 The Company records its doré and in-process inventories at the lower of cost or net realizable value. At March 31, 2021, the Company had written down its doré inventory to net realizable value including a charge to the cost of metals sold of approximately $17,000. Doré and in-process inventories also include $58,000 of capitalized depreciation and amortization. The materials and supplies inventories at March 31, 2021 and December 31, 2020 are primarily related to the Rodeo operation and are reduced by a $0.3 million obsolescence reserve. |
Value added tax receivable, net
Value added tax receivable, net | 3 Months Ended |
Mar. 31, 2021 | |
Value added tax receivable, net | |
Value added tax receivable, net | 6. The Company has recorded a net value added tax (“VAT”) paid in Mexico of $0.8 million, related to the Velardeña Properties and the Rodeo operation, as a recoverable asset, which appears in “ Value added tax receivable, net” on the Condensed Consolidated Balance Sheets. Mexico law allows for certain VAT payments to be recovered through ongoing applications for refunds. The Company expects that the current amounts will be recovered within a one-year period. At March 31, 2021, the Company has also recorded approximately $133,000 of VAT payable as a reduction to the VAT receivable in Mexico. The Company has also paid VAT in Mexico as well as other countries, primarily related to exploration projects, which has been charged to expense as incurred because of the uncertainty of recoverability. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net The components of property, plant and equipment are as follows: March 31, December 31, 2021 2020 (in thousands) Mineral properties $ 9,353 $ 9,353 Exploration properties 2,418 2,418 Royalty properties 200 200 Buildings 3,780 3,755 Mining equipment and machinery 16,272 16,135 Other furniture and equipment 915 890 Construction in progress 877 259 Asset retirement cost 894 948 34,709 33,958 Less: Accumulated depreciation and amortization (28,603) (28,438) $ 6,106 $ 5,520 El Quevar Earn-In Agreement On April 9, 2020, the Company and several of its directly and indirectly wholly-owned subsidiaries entered into the Earn-in Agreement with Barrick, pursuant to which Barrick has acquired an option (the “Option”) to earn a 70% interest in the Company’s El Quevar project located in the Salta Province of Argentina. Pursuant to the terms of the Earn-in Agreement, in order to earn an undivided 70% interest in the El Quevar project, Barrick must: (A) incur a total of $10 million in work expenditures over a total of eight years ($0.5 million per year in years one and two, $1 million per year in years three, four and five, and $2 million per year in years six, seven and eight); (B) deliver to the Company a National Instrument 43-101 compliant pre-feasibility study pursuant to the parameters set forth in the Earn-in Agreement; and (C) deliver a written notice to exercise the Option to the Company within the term of the Earn-in Agreement. Barrick may withdraw from the Earn-in Agreement at any time after spending a minimum of $1 million in work expenditures and upon providing 30 days’ notice to the Company. The Company will form a new entity (“NewCo”) that will hold the El Quevar properties. Upon satisfaction of the Earn-in conditions and exercise of the Option, NewCo will be 70% owned by Barrick and 30% owned by the Company. Funding of NewCo will be based on Barrick’s and the Company’s respective ownership and industry standard dilution mechanisms will apply in the case of funding shortfalls by either shareholder. In connection with the Earn-in Agreement, the Company and Barrick also entered into a Subscription Agreement (the “Subscription Agreement”) dated as of April 9, 2020 pursuant to which Barrick purchased 4,719,207 shares of the Company’s common stock at a purchase price of $0.2119 per share in a private placement transaction (see Note 15). Sale of Santa Maria Property On July 14, 2020, the Company entered into a binding letter of intent (“Letter of Intent”) with Fabled for a potential transaction pursuant to which Fabled would acquire the Company’s option to earn a 100% interest in the Santa Maria mining claims located in Chihuahua, Mexico (the “Option”). On December 4, 2020, the Company entered into a definitive option agreement (“Option Agreement”) to sell its option to Fabled. Th e period to exercise the Option (the “Exercise Period”) expires on December 4, 2022, unless extended by the parties under the terms of the Option Agreement. As consideration for the Option, Fabled (i) paid $500,000 in cash to the Company and issued to the Company 1,000,000 shares of Fabled’s common stock (the “Closing Consideration”); (ii) will pay $1,500,000 in cash to the Company on the one year anniversary date following the closing of the Option Agreement; (iii) will pay $2,000,000 in cash to the Company on the two year anniversary date following the closing of the Option Agreement; and (iv) upon exercise of the Option, will grant the Company a 1% net smelter return royalty on the Maria, Martia III, Maria II Frac. I, Santa Maria and Punto Com concessions (the “Concessions”). Pursuant to the Option Agreement, during the Exercise Period, Fabled is obligated to pay to each of the owners of the Concessions any remaining required payments due to the owners pursuant to the various underlying option agreements between the owners and the Company, and to make all payments and perform all other requirements needed to maintain the Concessions in good standing. As of March 31, 2021, there was approximately $0.3 million of payments remaining to be paid over the next approximately one year. Should Fabled not complete its obligations described above, the Santa Maria mining claims will revert to the Company and the Company will be entitled to keep any payments made by Fabled under the terms of the Option Agreement. |
Other Long-Term Assets
Other Long-Term Assets | 3 Months Ended |
Mar. 31, 2021 | |
Other Long-Term Assets | |
Other Long-Term Assets | 8. Other Long-Term Assets Other long-term assets at March 31, 2021 and December 31, 2020 consist of the following: March 31, December 31, 2021 2020 (in thousands) Deferred offering costs $ 70 $ 479 Right of use assets 908 993 $ 978 $ 1,472 The deferred offering costs at March 31, 2021 are associated with the ATM Agreement (see Note 15). The deferred offering costs at December 31, 2020 were associated with the ATM Agreement and the Commitment Purchase Agreement (see Note 15). With the Commitment Purchase Agreement set to expire during May 2021, the Company wrote off the remaining balance of $353,000 of deferred LPC Program costs to “ Interest and Other Expense ” on the Condensed Consolidated Statement of Operations during the period ended March 31, 2021. The right of use assets at March 31, 2021 include approximately $0.4 million related to certain office leases and $0.4 million related to a mining equipment lease at our Rodeo Property. The right of use assets at December 31, 2020 include approximately $0.5 million related to certain office leases and $0.5 million related to a mining equipment lease at our Rodeo Property. The Company took possession of new office space and began a new long-term lease for its principal headquarters office with an effective commencement date of June 1, 2019. The new office lease will expire five years and eight full calendar months following the commencement date. There are no options to extend the lease beyond the stated term. The Company recorded a right of use asset of approximately $465,000 and a lease liability of approximately $450,000 in the second quarter of 2019 based on the net present value of the future lease payments discounted at 9.5%, which represents the Company’s incremental borrowing rate for purposes of applying the guidance of Topic 842. As required, the Company will recognize a single lease cost on a straight-line basis. The Company also has long-term office leases in Mexico and Argentina that expired in 2019 and recorded a combined lease liability of approximately $45,000 and combined right of use asset of approximately $45,000 relating to both of those leases at January 1, 2019. In November 2019, the Company renewed its Mexican office lease for four years and recorded a right of use asset and lease liability of approximately $174,000. In December 2019, the Company also renewed its Argentina office lease for two years and recorded a right of use asset and lease liability of approximately $18,000. In December 2020, the Company’s wholly-owned subsidiary, Minera de Cordilleras S. de R.L. de C.V., entered into an agreement with Triturados del Guadiana, S.A de C.V. (“Trigusa”), whereby Trigusa will carry out mining activities at the Rodeo Property. Per the terms of the mining agreement, Trigusa will provide services for the 27-month period ending March 31, 2023, with the potential for an extension of time upon mutual agreement of both parties. The Company has determined that the mining agreement contains an embedded lease, relating to the mining equipment provided by Trigusa, per the guidance of ASU 2016-02 and Topic 842. The Company did not elect the practical expedient permitting the combination of lease and non-lease components of the mining agreement. The Company recorded a right of use asset and a lease liability of approximately $420,000 based on the net present value of the future lease payments discounted at 7.0%, which represents the Company’s incremental borrowing rate. The lease liabilities noted above have been included in “ Other liabilities ”, short term and long term (Note 11), in the Company’s Consolidated Balance Sheets at March 31, 2021 and December 31, 2020. |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Other Accrued Liabilities | |
Accounts Payable and Other Accrued Liabilities | 9. Accounts Payable and Other Accrued Liabilities The Company’s accounts payable and other accrued liabilities consist of the following: March 31, December 31, 2021 2020 (in thousands) Accounts payable and accruals $ 1,380 $ 472 Accrued employee compensation and benefits 910 846 $ 2,290 $ 1,318 March 31, 2021 Accounts payable and accruals at March 31, 2021 are primarily related to amounts due to contractors and suppliers, denominated in US dollars, in the amounts of $1.2 million related to the Company’s Velardeña Properties and Rodeo operation and $0.2 million related to exploration and corporate administrative activities. Accrued employee compensation and benefits at March 31, 2021 consist of $0.3 million of accrued vacation payable and $0.6 million related to withholding taxes and benefits payable. Included in the $0.9 million of accrued employee compensation and benefits is $0.7 million related to activities at the Velardeña Properties. December 31, 2020 Accounts payable and accruals at December 31, 2020 are primarily related to amounts due to contractors and suppliers, denominated in US Dollars, in the amounts of $0.3 million related to the Company’s Velardeña and Rodeo properties and $0.2 million related to corporate administrative and exploration activities. Accrued employee compensation and benefits at December 31, 2020 consist of $0.3 million of accrued vacation payable and $0.5 million related to withholding taxes and benefits payable. Included in the $0.8 million of accrued employee compensation and benefits is $0.6 million related to activities at the Velardeña and Rodeo Properties. |
Debt - Related Party
Debt - Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt - Related Party | 10 . Debt – Related Party On March 30, 2020, in response to potential economic and market uncertainties caused by the COVID-19 pandemic, the Company entered into a Short-Term Loan Agreement (the “Loan Agreement”) with Sentient Global Resources Fund IV , L.P., a Cayman Islands exempted limited partnership (“Sentient”), pursuant to which Sentient granted to the Company an unsecured loan in an amount equal to $1,000,000 (the “Sentient Loan”). Sentient is a private equity fund, and together with certain other Sentient equity funds, Sentient is the Company’s largest stockholder, holding in the aggregate approximately 32% of the Company’s outstanding common stock at the date of the Loan Agreement. The Sentient Loan had an interest rate of 10% per annum and was due in full, together with accrued interest and any other amount outstanding under the Loan Agreement, on December 31, 2020. On August 12, 2020 the Company repaid the Sentient Loan in full in the amount of approximately $1,037,159 (including all accrued interest), with no prepayment penalty, and terminated the Loan Agreement. No amounts were due under this loan at March 31, 2021. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities | |
Other Liabilities | 11. Other Liabilities Other Current Liabilities The following table sets forth the Company’s other current liabilities at March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 (in thousands) Premium financing $ 205 $ 390 Office lease liability 143 138 Mining equipment lease liability 196 139 $ 544 $ 667 The premium financing at March 31, 2021 consists of the remaining balance, plus accrued interest, related to premiums payable for the Company’s directors and officers insurance and general liability insurance. In June 2020, the Company financed $110,000 of its premium for general liability insurance. The premium was payable in twelve equal payments at an interest rate of 5.74% per annum. At March 31, 2021, the remaining balance, plus accrued interest, had been paid in full. In December 2020, the Company financed $406,000 of its premium for directors and officers insurance. The premium is payable in twelve equal payments at an interest rate of 5.74% per annum. At March 31, 2021 the remaining balance, plus accrued interest, was approximately $205,000. The premium financing at December 31, 2020 consists of the remaining balance, plus accrued interest, related to premiums payable for the Company’s directors and officers insurance of $367,000 and general liability insurance of $23,000. The office lease liability is related to lease liabilities for office space at the Company’s principal headquarters in Golden, Colorado and in Mexico and Argentina. The mining equipment lease liability is related to equipment used by the contract miner at our Rodeo property (see Note 8). Other Long-Term Liabilities Other long-term liabilities of $0.5 million for the period ended March 31, 2021 consist of approximately $0.2 million related to the mining equipment lease liability at our Rodeo Property and $0.3 million related to lease liabilities for office space at the Company’s principal headquarters in Golden Colorado and in Mexico and Argentina (see Note 8). Other long-term liabilities of $0.6 million for the period ended December 31, 2020 consist of $0.3 million related to a mining equipment lease liability at our Rodeo Property and $0.3 million related to lease liabilities for office space at the Company’s principal headquarters in Golden Colorado and in Mexico and Argentina (see Note 8). |
Asset Retirement and Reclamatio
Asset Retirement and Reclamation Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement and Reclamation Liabilities | |
Asset Retirement and Reclamation Liabilities | 12. Asset Retirement Obligation and Reclamation Liabilities The Company retained the services of a mining engineering firm to prepare a detailed closure plan for the Velardeña Properties. The plan was completed during the second quarter 2012 and indicated that the Company had an ARO and offsetting ARC of approximately $1.9 million at that time. The Company will continue to accrue additional estimated ARO amounts based on an asset retirement plan as activities requiring future reclamation and remediation occur. During the first three months of 2021, the Company recognized approximately $66,000 of accretion expense. The following table summarizes activity in the Velardeña Properties ARO: Quarter Ended March 31, 2021 2020 (in thousands) Beginning balance $ 3,156 $ 2,825 Changes in estimates, and other (86) 82 Accretion expense 66 59 Ending balance $ 3,136 $ 2,966 The change in estimates of the ARO recorded during 2021 and 2020 are primarily the result of changes in assumptions related to inflation factors used in the determination of future cash flows. The asset retirement obligation and reclamation liability set forth on the accompanying Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 also includes a nominal amount of reclamation liability related to activities at the El Quevar project in Argentina. Environmental costs at the Rodeo Property will be expensed as incurred. There were no environmental costs incurred at the Rodeo Property for the three month periods ended March 31, 2021 or March 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 13. Fair Value Measurements Financial assets and liabilities and nonfinancial assets and liabilities are measured at fair value under a framework of a fair value hierarchy which prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to quoted prices (unadjusted) in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy per ASC 820 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 that 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 following table summarizes the Company’s financial assets and liabilities at fair value on a recurring basis at March 31, 2021 and December 31, 2020, by respective level of the fair value hierarchy: Level 1 Level 2 Level 3 Total (in thousands) At March 31, 2021 Assets: Cash and cash equivalents $ 7,975 $ — $ — $ 7,975 Short-term investments 131 — — 131 $ 8,106 $ — $ — $ 8,106 At December 31, 2020 Assets: Cash and cash equivalents $ 9,704 $ — $ — $ 9,704 Short-term investments 79 — — 79 $ 9,783 $ — $ — $ 9,783 The Company’s cash equivalents, comprised principally of U.S. treasury securities, are classified within Level 1 of the fair value hierarchy. The Company’s short-term investments consist of the common stock in Fabled and are classified within Level 1 of the fair value hierarchy (see Note 3). At March 31, 2021 and December 31, 2020, the Company did not have any financial assets or liabilities classified within Level 2 or Level 3 of the fair value hierarchy. Non-recurring Fair Value Measurements There were no non-recurring fair value measurements at March 31, 2021 or December 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | 14. Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes” (“ASC 740”), on a tax jurisdictional basis. In accordance with ASC 740, the interim provision for taxes was calculated by using the estimated worldwide annual effective tax rate applied to the year-to-date losses. Although the Company has generated ordinary losses on a year-to-date basis, the Company has projected taxable income by yearend in certain tax jurisdictions, for which an annual effective tax rate has been calculated. For the three months ended March 31, 2021, the Company recognized $52,000 of income tax benefit. For the three months ended March 31, 2020 the Company did not recognize an income tax expense or benefit. In accordance with ASC 740, the Company presents deferred tax assets net of its deferred tax liabilities on a tax jurisdictional basis on its Condensed Consolidated Balance Sheets. As of March 31, 2021, the Company had $52,000 of net deferred tax assets, included in “ Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheets, and as of December 31, 2020, the Company had no net deferred tax assets or net deferred tax liabilities reported on its balance sheet. On April 23, 2021, a new labor law was made official in Mexico that will impact companies that utilize subcontractor structures, effective beginning August 1, 2021. The Company utilizes subcontractor structures in Mexico, as is common practice among companies in the mining and other industries in Mexico. Enacted to prevent the avoidance of employee profit sharing in Mexico, the law will disallow a deduction in computing income taxes for labor outsourcing costs, unless the arrangement falls within certain narrowly defined exceptions. The new law does provide for annual caps on the amount of employee profit sharing a company would be required to pay, which is designed to even out the profit sharing tax over several years. The Company is still evaluating the new law, but it anticipates its tax and profit sharing liability in Mexico will likely increase as a result of the new law. The Company, a Delaware corporation, and its subsidiaries file tax returns in the United States and in various foreign jurisdictions. The tax rules and regulations in these countries are highly complex and subject to interpretation. The Company’s income tax returns are subject to examination by the relevant taxing authorities and in connection with such examinations, disputes can arise with the taxing authorities over the interpretation or application of certain tax rules within the country involved. In accordance with ASC 740, the Company identifies and evaluates uncertain tax positions, and recognizes the impact of uncertain tax positions for which there is less than a more-likely-than-not probability of the position being upheld upon review by the relevant taxing authority. Such positions are deemed to be “unrecognized tax benefits” which require additional disclosure and recognition of a liability within the financial statements. The Company had no unrecognized tax benefits at March 31, 2021 or December 31, 2020. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity | |
Equity | 15. Equity Public offering On July 21, 2020, the Company entered into an Amended and Restated Underwriting Agreement (the “Underwriting Agreement”) with H.C. Wainwright & Co., LLC as representative of the underwriters named therein (the “Underwriters”), providing for the issuance and sale by the Company in a firm commitment offering (the “Offering”) of 17,857,143 shares of common stock at a price to the public of $0.42 per share (the “Offering Shares”). In addition, the Company granted the Underwriters an option to purchase, at the public offering price per share of common stock, up to an additional 2,678,571 shares of common stock, exercisable for 30 days from the date of the Underwriting Agreement (the “Option Shares”). The Offering Shares and Option Shares were registered pursuant to the Company’s registration statement on Form S-3 (File No. 333-220461), and a prospectus supplement thereto filed with the Securities and Exchange Commission. On July 24, 2020, the Underwriters acquired the Offering Shares and the full amount of the Option Shares from the Company. After the underwriting discount of 6% and total offering expenses of approximately $155,000 the Company received net proceeds of approximately $8.0 million from the sale of the Offering Shares and the Option Shares. Subscription agreement In connection with the Earn-in Agreement (see Note 7), the Company and Barrick entered into the Subscription Agreement dated as of April 9, 2020 pursuant to which Barrick purchased 4,719,207 shares of the Company’s common stock at a purchase price of $0.2119 per share in a private placement transaction. The shares were offered and sold without registration under the Securities Act of 1933, as amended (the “Act”) in reliance on the exemptions provided by Section 4(a)(2) of the Act and/or Regulation D promulgated thereunder. The net proceeds of the Subscription Agreement of approximately $0.9 million were recorded in equity. Offering and private placement On April 20, 2020, the Company entered into a securities purchase agreement with certain institutional investors providing for the issuance and sale of 15,000,000 shares of the Company’s common stock at a price of $0.20 per share, and in a concurrent private placement transaction, the issuance of an aggregate of 11,250,000 warrants, ultimately consisting of 7,500,000 series A warrants and 3,750,000 series B warrants (collectively, the “Warrants”), to purchase up to 11,250,000 shares of our common stock at an exercise price of $0.30 per share, for aggregate gross proceeds of $3.0 million (the “Offering”). Each Warrant is exercisable six months from the date of issuance on April 22, 2020 and has a term expiring five years after such initial exercise date. The Warrants contain so-called full-ratchet anti-dilution provisions which may be triggered upon any future issuance by the Company of shares of its common stock or common stock equivalents at a per share price below the then-exercise price of the Warrant, subject to certain exceptions; provided, however, that with respect to the Series B warrants, the adjusted exercise price will not be less than $0.26. The net proceeds of the Offering were recorded in equity. Total costs for the Offering were approximately $334,000, including listing fees, legal and other costs, and the placement agent fee of six percent of aggregate gross proceeds; however, a reduced fee was accepted with respect to one investor. All such costs were recorded as a reduction to “ Additional paid in capital” on the Condensed Consolidated Balance Sheets. Using the Black Scholes model, and assuming no triggering events take place to reduce the exercise price of the Warrants, the fair value of the combined Series A and Series B warrants issued was approximately $1.9 million on April 22, 2020, the date of issuance of the Warrants. The Black Scholes inputs included the closing stock price on April 22, 2020 (the date of issuance of the Warrants) of $0.24, the exercise price and exercise period of the Warrants, the Company’s applicable volatility rate for the period of the Warrants of 95%, and the applicable risk-free rate of 0.41%. Commitment purchase agreement On May 9, 2018, the Company entered into a commitment purchase agreement (the “Commitment Purchase Agreement”) with LPC, pursuant to which the Company, at its sole discretion, has the right to sell up to $10.0 million of the Company’s common stock to LPC, subject to certain limitations and conditions contained in the Commitment Purchase Agreement (the “LPC Program”). The Company closed on the Commitment Purchase Agreement in July 2018, which is currently set to expire in May 2021. Subject to the terms of the Commitment Purchase Agreement, the Company will control the timing and amount of any future sale of the Company’s common stock to LPC. LPC has no right to require any sales by the Company under the Commitment Purchase Agreement but is obligated to make purchases at the Company’s sole direction, as governed by such agreement. There are no upper limits to the price LPC may be obligated to pay to purchase common stock from the Company, and the purchase price of the shares will be based on the prevailing market prices of the Company’s shares at the time of each sale to LPC. LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Company’s shares of common stock. The Company has the right to terminate the Commitment Purchase Agreement at any time, at its discretion, without any cost or penalty. During the three months ended March 31, 2021 the Company did not sell any shares of common stock to LPC under the Commitment Purchase Agreement. With the Commitment Purchase Agreement set to expire during May 2021, the Company wrote off the remaining balance of $353,000 of deferred LPC Program costs to “ Interest and Other Expense ” on the Condensed Consolidated Statement of Operations during the period ended March 31, 2021. During the three months ended March 31, 2020 the Company sold 900,000 shares of common stock to LPC under the Commitment Purchase Agreement at an average sales price per share of approximately $0.27, resulting in net proceeds of approximately $216,000. In addition, approximately $24,000 of Commitment Purchase Agreement costs were amortized, resulting in a remaining balance of $353,000 of deferred LPC Program costs, recorded in “ Other long-term assets ” on the Condensed Consolidated Balance Sheets as of March 31, 2020. At the Market Offering Agreement In December 2016, the Company entered into an at-the-market offering agreement (as amended from time to time, the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company may, from time to time, issue and sell shares of the Company’s common stock through Wainwright as sales manager in an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $5.0 million (the “ATM Program”) or a maximum of 10 million shares. On November 23, 2018, the Company entered into a second amendment of t he ATM Agreement, extending the agreement until the earlier of December 20, 2020, or the date that the ATM Agreement is terminated in accordance with the terms therein. On December 11, 2020 the Company entered into a third amendment of the ATM Agreement further extending the agreement so that it will remain in full force and effect until such time as the ATM Agreement is terminated in accordance with certain other terms therein or upon mutual agreement by the parties, and to reflect a new registration statement on Form S-3 (No. 333-249218). The common stock will be distributed at the market prices prevailing at the time of sale. As a result, prices of the common stock sold under the ATM Program may vary as between purchasers and during the period of distribution. The ATM Agreement provides that Wainwright will be entitled to compensation for its services at a commission rate of 2.0% of the gross sales price per share of common stock sold. During the first three months of 2021, the Company sold an aggregate of 1,856,960 shares of common stock under the ATM Agreement at an average price of $0.97 per share of common stock for net proceeds of approximately $1.8 million. In addition, approximately $57,000 of deferred ATM Program costs were amortized, resulting in a remaining balance of $71,000 of deferred ATM Program costs, recorded in “ Prepaid expenses and other assets ” on the Condensed Consolidated Balance Sheets as of March 31, 2021. During the first three months of 2020, the Company sold an aggregate of 823,452 shares of common stock under the ATM Agreement at an average price of $0.28 per share of common stock for net proceeds of approximately $223,000. In addition, approximately $8,000 of deferred ATM Program costs were amortized, resulting in a remaining balance of $129,000 of deferred ATM Program costs, recorded in “ Prepaid expenses and other assets ” on the Condensed Consolidated Balance Sheets as of March 31, 2020. There is currently approximately $2.2 million remaining available for issuance under the ATM Program based on a prospectus supplement filed with SEC on December 11, 2020. Equity Incentive Plans Under the Company’s Amended and Restated 2009 Equity Incentive Plan (the “Equity Plan”), awards of the Company’s common stock may be made to officers, directors, employees, consultants and agents of the Company and its subsidiaries. The Company recognizes stock-based compensation costs using a graded vesting attribution method whereby costs are recognized over the requisite service period for each separately vesting portion of the award. The following table summarizes the status of the Company’s restricted stock grants issued under the Equity Plan at March 31, 2021 and the changes during the three months then ended: Weighted Average Grant Date Fair Number of Value Per Restricted Stock Grants Shares Share Outstanding at December 31, 2020 224,002 $ 0.36 Granted during the period — — Restrictions lifted during the period — — Forfeited during the period — — Outstanding March 31, 2021 224,002 $ 0.36 For the three months ended March 31, 2021 the Company recognized approximately $13,000 of stock compensation expense related to the restricted stock grants. The Company expects to recognize additional stock compensation expense related to these awards of approximately $45,000 over the next 16 months. Also, pursuant to the Equity Plan, the Company’s Board of Directors adopted the Non-Employee Director’s Deferred Compensation and Equity Award Plan (the “Deferred Compensation Plan”). Pursuant to the Deferred Compensation Plan, non-employee directors receive a portion of their compensation in the form of Restricted Stock Units (“RSUs”) issued The following table summarizes the status of the RSU grants issued under the Deferred Compensation Plan at March 31, 2021 and the changes during the three months then ended: Weighted Average Grant Date Fair Number of Value Per Restricted Stock Units Shares Share Outstanding at December 31, 2020 3,610,038 $ 0.70 Granted during the period — — Restrictions lifted during the period — — Forfeited during the period — — Outstanding March 31, 2021 3,610,038 $ 0.70 For the three months ended March 31, 2021, the Company recognized approximately $47,000 of stock compensation expense related to the RSU grants. The Company expects to recognize additional stock compensation expense related to the RSU grants of approximately $41,000 over the next 3 months. Key Employee Long-Term Incentive Plan The Company’s 2013 Key Employee Long-Term Incentive Plan (the “KELTIP”) provides for the grant of units (“KELTIP Units”) to certain officers and key employees of the Company, which units will, once vested, entitle such officers and employees to receive an amount, in cash or in Company common stock (such method of settlement at the sole discretion of the Board of Directors) issued pursuant to the Company’s Equity Plan, measured generally by the price of the Company’s common stock on the settlement date. KELTIP Units are not an actual equity interest in the Company and are solely unfunded and unsecured obligations of the Company that are not transferable and do not provide the holder with any stockholder rights. Payment of the settlement amount of vested KELTIP Units is deferred generally until the earlier of a change of control of the Company or the date the grantee ceases to serve as an officer or employee of the Company. The Company intends to settle all the KELTIP Units in common stock of the Company, an option that the Board of Directors holds in its sole discretion so long as sufficient shares remain available under the Equity Plan. As a result, all outstanding KELTIP Units are recorded in equity at March 31, 2021 and December 31, 2020. During the three-month period ended March 31, 2021 the Company granted 480,000 KELTIP and recognized approximately $0.4 million of stock compensation expense related to the grants. There were no KELTIP awards granted during the three-month period ended March 31, 2020. There were 4,205,000 and 3,725,000 KELTIP Units outstanding at March 31, 2021 and December 31, 2020, respectively. Common stock warrants The following table summarizes the status of the Company’s common stock warrants at December 31, 2020 and March 31, 2021, and the changes during the twelve and three months then ended, respectively: Weighted Number of Average Exercise Underlying Price Per Common Stock Warrants Shares Share Outstanding at December 31, 2019 14,653,846 $ 0.39 Granted during the period: April 2020 Series A warrants 7,500,000 0.30 April 2020 Series B warrants 3,750,000 0.30 Exercised during period April 2020 Series A warrants (5,000,000) 0.30 April 2020 Series B warrants (3,500,000) 0.30 Outstanding at December 31, 2020 17,403,846 0.38 Exercised during period July 2019 Series A warrants (200,000) 0.35 July 2019 Series B warrants (1,500,000) 0.35 April 2020 Series A warrants (1,400,000) 0.30 Outstanding March 31, 2021 14,303,846 $ 0.39 The warrants relate to prior registered offerings and private placements of the Company’s stock. As discussed above under “Equity – Offering and private placement”, on April 20, 2020, the Company entered into a securities purchase agreement with certain institutional investors providing for the issuance and sale of 15,000,000 shares of the Company’s common stock and in a concurrent private placement transaction, the issuance of an aggregate of 11,250,000 warrants, ultimately consisting of 7,500,000 series A warrants and 3,750,000 series B warrants. During the year ended December 31, 2020 and the quarter ended March 31, 2021, 6,400,000 series A warrants and 3,500,000 series B warrants were exercised leaving a balance of 1,100,000 and 250,000 series A and series B warrants outstanding, respectively as of March 31, 2021. On July 17, 2019, the Company issued 8,653,846 registered shares of common stock in a registered direct offering. In connection with the offering, each investor received an unregistered Series A warrant to purchase a share of common stock for each share of common stock purchased. Each Series A warrant is exercisable six months from the date of issuance and has a term expiring in January 2025. During the quarter ended March 31, 2021, 200,000 series A warrants were exercised, leaving a balance of 8,453,846 series A warrants outstanding. In May 2016, the Company issued 8.0 million registered shares of common stock at a purchase price of $0.50 per share in a registered direct offering resulting in gross proceeds of $4.0 million. In connection with the offering, each investor received an unregistered warrant to purchase three-quarters of a share of common stock for each share of common stock purchased. The resulting 6,000,000 warrant shares have an exercise price of $0.75 per share, became exercisable on November 7, 2016 and were exercisable until November 6, 2021, five years from the initial exercise date. In connection with a July 2019 registered direct offering, the Company agreed to exchange, on a one-for-one basis, 4,500,000 of the May 2016 warrants for Series B warrants to purchase 4,500,000 shares of common stock at an exercise price of $0.35 per share . Each Series B warrant is exercisable six months from the date of issuance and has a term expiring in May 2022. During the quarter ended March 31, 2021, 1,500,000 series B warrants were exercised leaving a balance of 3,000,000 series B warrants and 1,500,000 of the original July 2016 warrants outstanding, respectively. All outstanding warrants are recorded in equity at March 31, 2021 and December 31, 2020 following the guidance established by ASC Topic 815-40. The Company’s warrants allow for the potential settlement in cash if certain extraordinary events are effected by the Company, including a 50% or greater change of control in the Company’s common stock. Since those events have been deemed to be within the Company’s control, the Company continues to apply equity treatment for these warrants. |
Sale of Metals and Related Cost
Sale of Metals and Related Costs | 3 Months Ended |
Mar. 31, 2021 | |
Sale of Metals and Related Costs | |
Sale of Metals and Related Costs | 16. Sale of Metals and Related Costs During the three months ended March 31, 2021 the Company sold the gold and silver contained in doré bars related to the Rodeo operation to one customer, a metals refinery located in the United States. Under the terms of the Company’s agreement with its customer, title passes and revenue is recognized by the Company when the contractual performance obligations of the parties are completed, generally at the time a provisional or final payment is made. A provisional payment for approximately 95% of the contained gold and silver is made generally occurs within 7-10 days after the product is shipped and customary sales documents are completed. A final payment is made within approximately 30 days following the date of shipment when final assays and refinery charges are agreed upon by the parties. A price for the gold and silver sold is set, based on current market prices, at the time a provisional or final payment is made. Refining and transport costs, deducted from the final payments made, are treated as third party agent costs incurred by the Company in performing its obligations under the agreement with its customer after the transfer of control on provisional sales, and are therefore netted against revenue on an accrual basis. Costs related to the sale of metals products include direct and indirect costs incurred to mine, process and market the products. At March 31, 2021, the Company had written down its doré inventory to net realizable value, including a charge to the cost of metals sold of approximately $17,000. During the three months ended March 31, 2020 the Company did not sell any doré products or incur any related costs. |
Oxide Plant Lease Revenue and R
Oxide Plant Lease Revenue and Related Costs | 3 Months Ended |
Mar. 31, 2021 | |
Oxide Plant Lease Revenue and Related Costs | |
Oxide Plant Lease Revenue and Related Costs | 17. Oxide Plant Lease Revenue and Related Costs For the three months ended March 31, 2020, the Company recorded revenue of approximately $1.2 million and related costs of approximately $0.6 million associated with the lease of the Velardeña Properties oxide plant. The Company recognizes oxide plant lease fees and reimbursements for labor, utility and other costs as “ Revenue: Oxide plant lease ” in the Condensed Consolidated Statements of Operations following the guidance of ASC 842. ASC 842 supports recording as gross revenue the reimbursement of expenses incurred directly by the Company in performing its obligations under the lease in situations where the entity has control over the specific goods or services transferred to a customer as a principal versus as an agent. The actual costs incurred for reimbursed direct labor and utility costs are reported as “ Oxide plant lease costs ” in the Condensed Consolidated Statements of Operations. The Company recognizes lease fees during the period the fees are earned per the terms of the lease. On July 7, 2020, the Company received notification from Hecla terminating the Lease Agreement pursuant to the Third Amendment, effective November 30, 2020. Therefore, during the three months ended March 31, 2021 the Company did not record any income or costs associated with the lease of the oxide plant to Hecla. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 3 Months Ended |
Mar. 31, 2021 | |
Interest and Other Expense, Net | |
Interest and Other Expense, Net | 18. Interest and Other Expense, Net For the three months ended March 31, 2021, the Company recognized approximately $0.3 million of Interest and Other Expense primarily related to the write off of deferred costs related to the LPC Program (see Note 15). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 19. Supplemental Cash Flow Information The following table reconciles net loss for the period to cash used in operations: Quarter Ended March 31, 2021 2020 (in thousands) Cash flows from operating activities: Net loss $ (3,178) $ (3,336) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 155 279 Accretion of asset retirement obligation 66 59 Decrease (increase) in derivative at fair value, net — 215 Gain on trading securities (52) — Asset write off 54 — Gain on sale of assets (17) — Stock compensation 429 52 Changes in operating assets and liabilities from continuing operations: Decrease in lease receivable 72 138 (Increase) decrease in prepaid expenses and other assets (478) 43 (Increase) decrease in inventories (1,500) 53 Decrease in other long-term assets 352 96 Decrease in reclamation liability (87) (1) Increase (decrease) in accounts payable and accrued liabilities 669 (568) Decrease in other current liabilities (124) (675) Decrease in deferred revenue (140) (118) Decrease in other long-term liabilities (135) (56) Net cash used in operating activities $ (3,914) $ (3,819) The following table sets forth supplemental cash flow information and non-cash transactions: Quarter Ended March 31, 2021 2020 (in thousands) Supplemental disclosure: Interest paid $ 5 $ 26 Income taxes paid $ — $ 284 Supplemental disclosure of non-cash transactions: Deferred equity offering costs amortized $ 57 $ 32 Deferred equity offering costs written off $ 352 $ — Capital expenditures accrued $ 304 $ — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 20. Commitments and Contingencies During April 2021, the Company became aware of a potential lawsuit in Mexico against one of the Company’s Mexico subsidiaries, Minera William S.A. de C.V. (“Minera William”). The plaintiff in the matter is Unifin Financiera, S.A.B de C.V. or one of its affiliates (“Unifin”). Although there is evidence that the lawsuit was filed in the Fifth Specialized Commercial District Court by Unifin and subsequently dismissed by the court for procedural reasons, the Company has not been served with the complaint and therefore has limited knowledge of the basis for the alleged claim. The Company understands that Unifin has challenged through a federal appeal the dismissal of the proceedings, and there is a possibility that Unifin may seek to refile the complaint in another venue or overturn the dismissal on appeal. Based on the information that the Company has obtained through informal channels; the Company understands that Unifin is alleging that a representative of Minera William signed certain documents in July 2011 purporting to bind Minera William as a guarantor of payment obligations owed by a third party to Unifin in connection with that third party’s acquisition of certain drilling equipment. At the time the documentation was allegedly signed, Minera Williams was a subsidiary of ECU Silver Mining prior to the Company’s acquisition of ECU in September 2011. In connection with this dispute, Unifin has obtained a preliminary court order freezing Minera William’s bank accounts in Mexico, which has limited the Company’s ability to access approximately US$153,000. Notwithstanding this action, the restrictions imposed on Minera Williams’ bank accounts do not impact the Company’s ability to operate the Rodeo mine, which is held through a different Mexico subsidiary, or continue with the Company’s evaluation plans for a potential Velardena mine restart or move forward with any of the Company’s other exploration programs in Mexico. Since the Company has not been served in this action, the Company is not able to determine the amount of relief sought by Unifin. However, informal indications suggest that Unifin is seeking recovery for as much as US$12.5 million. The Company believes there is no basis for this claim and will defend itself if and when the Company is formally served with notice of the proceedings. As such, the Company has not accrued an amount for this matter in its Condensed Consolidated Balance Sheets or Statements of Operations as of March 31, 2021. At December 31, 2020, the Company had no gain or loss contingencies. The Company has certain purchase and lease commitments as set forth in the Company’s Form 10-K for the year ended December 31, 2020. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Segment Information | 21. Segment Information The Company’s sole activity is the mining, construction and exploration of mineral properties containing precious metals. The Company’s reportable segments are based upon the Company’s revenue producing activities and cash consuming activities. The Company reports two segments, one for its revenue producing activities in Mexico, which includes both the Velardeña Properties and the Rodeo Property, and the other comprised of non-revenue producing activities, including exploration, construction and general and administrative activities. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The financial information relating to the Company’s segments is as follows: Exploration, El Costs Depreciation, Quevar, Velardeña Three Months Ended Applicable Depletion and and Administrative Pre-Tax (gain) Capital March 31, 2021 Revenue to Sales Amortization Expense loss Total Assets Expenditures Mexico Operations $ 1,778 $ 1,536 $ 109 $ 659 $ 452 $ 7,917 $ 541 Corporate, Exploration and Other — — 46 1,975 2,778 10,908 5 $ 1,778 $ 1,536 $ 155 $ 2,634 $ 3,230 $ 18,825 $ 546 Three Months Ended March 31, 2020 Velardeña Properties $ 1,196 $ 564 $ 204 $ 657 $ 371 $ 4,663 $ 1 Corporate, Exploration and Other — — 75 2,848 2,965 5,572 — $ 1,196 $ 564 $ 279 $ 3,505 $ 3,336 $ 10,235 $ 1 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions | |
Related Party Transactions | 22. Related Party Transactions The following sets forth information regarding transactions between the Company (and its subsidiaries) and its officers, directors and significant stockholders. Administrative Services, Lease of Equipment: Beginning in August 2016, the Company began providing limited accounting and other administrative services to Minera Indé, an indirect subsidiary of Sentient. At March 31, 2021, Sentient, through the Sentient executive funds, holds approximately 23% of the Company’s 162.5 million shares of issued and outstanding common stock. The services are provided locally in Mexico by the administrative staff in the Company’s Mexico office. The Company charges Minera Indé $15,000 per month for the services, which provides reimbursement to the Company for its costs incurred plus a small profit margin. Amounts received under the arrangement reduce costs incurred for exploration. The Company’s Board of Directors and Audit Committee approved the agreement. For the three months ended March 31, 2021 and 2020, the Company charged Minera Indé approximately $45,000 for services, offsetting costs that are recorded in “ Exploration expense ” in the Condensed Consolidated Statements of Operations. Debt – Related Party On March 30, 2020, the Company entered into a short-term loan agreement with Sentient whereby the Company received an unsecured loan in the amount of $1,000,000. The Sentient Loan had an interest rate of 10% per annum and was due in full, together with accrued interest and any other amount outstanding under the loan agreement, on December 31, 2020. During August 2020, the Company paid in full the principal amount of the loan plus accrued interest. See Note 10 for a full description of the loan. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 23. Subsequent Events COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of the respiratory disease caused by the new coronavirus as “pandemic”. As of the date of issuance of the condensed consolidated financial statements, the Company’s financial condition has not been significantly impacted; however, the Company continues to monitor the situation. No impairments were recorded as of the condensed consolidated balance sheet date; however, due to uncertainty surrounding the situation, management’s judgment regarding this could change in the future. In addition, while the Company’s results of operation, cash flows, and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time. On April 23, 2021, a new labor law was made official in Mexico that will impact companies that utilize subcontractor structures, effective beginning August 1, 2021. The Company utilizes subcontractor structures in Mexico, as is common practice among companies in the mining and other industries in Mexico. Enacted to prevent the avoidance of employee profit sharing in Mexico, the law will disallow a deduction in computing income taxes for labor outsourcing costs, unless the arrangement falls within certain narrowly defined exceptions. The new law does provide for annual caps on the amount of employee profit sharing a company would be required to pay, which is designed to even out the profit sharing tax over several years. The Company is still evaluating the new law, but it anticipates its tax and profit sharing liability in Mexico will likely increase as a result of the new law. |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents and Short-Term Investments | |
Schedule of short term-investments | Estimated Carrying March 31, 2021 Cost Fair Value Value (in thousands) Investments: Short-term: Trading securities $ 59 $ 131 $ 131 Total trading securities 59 131 131 Total short term $ 59 $ 131 $ 131 December 31, 2020 Investments: Short-term: Trading securities $ 59 $ 79 $ 79 Total trading securities 59 79 79 Total short term $ 59 $ 79 $ 79 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses and Other Assets | |
Schedule of prepaid expenses and other current assets | March 31, December 31, 2021 2020 (in thousands) Prepaid insurance $ 563 $ 571 Recoupable deposits and other 427 559 $ 990 $ 1,130 |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories, net | |
Schedule of inventories at the Rodeo operation | March 31, December 31, 2021 2020 (in thousands) Doré inventory $ 832 $ 0 In-process inventory 516 0 Material and supplies $ 492 $ 284 $ 1,840 $ 284 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net | |
Schedule of components of property, plant and equipment | March 31, December 31, 2021 2020 (in thousands) Mineral properties $ 9,353 $ 9,353 Exploration properties 2,418 2,418 Royalty properties 200 200 Buildings 3,780 3,755 Mining equipment and machinery 16,272 16,135 Other furniture and equipment 915 890 Construction in progress 877 259 Asset retirement cost 894 948 34,709 33,958 Less: Accumulated depreciation and amortization (28,603) (28,438) $ 6,106 $ 5,520 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Long-Term Assets | |
Schedule of Other long-term assets | March 31, December 31, 2021 2020 (in thousands) Deferred offering costs $ 70 $ 479 Right of use assets 908 993 $ 978 $ 1,472 |
Accounts Payable and Other Ac_2
Accounts Payable and Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Other Accrued Liabilities | |
Schedule of accounts payable and other accrued liabilities | March 31, December 31, 2021 2020 (in thousands) Accounts payable and accruals $ 1,380 $ 472 Accrued employee compensation and benefits 910 846 $ 2,290 $ 1,318 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities, Current | |
Schedule of other current liabilities | March 31, December 31, 2021 2020 (in thousands) Premium financing $ 205 $ 390 Office lease liability 143 138 Mining equipment lease liability 196 139 $ 544 $ 667 |
Asset Retirement and Reclamat_2
Asset Retirement and Reclamation Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement and Reclamation Liabilities | |
Summary of activity in the Velardena Properties ARO | Quarter Ended March 31, 2021 2020 (in thousands) Beginning balance $ 3,156 $ 2,825 Changes in estimates, and other (86) 82 Accretion expense 66 59 Ending balance $ 3,136 $ 2,966 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Schedule of financial assets and liabilities at fair value | Level 1 Level 2 Level 3 Total (in thousands) At March 31, 2021 Assets: Cash and cash equivalents $ 7,975 $ — $ — $ 7,975 Short-term investments 131 — — 131 $ 8,106 $ — $ — $ 8,106 At December 31, 2020 Assets: Cash and cash equivalents $ 9,704 $ — $ — $ 9,704 Short-term investments 79 — — 79 $ 9,783 $ — $ — $ 9,783 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity | |
Schedule of status of the restricted stock grants issued under the Equity Plan | Weighted Average Grant Date Fair Number of Value Per Restricted Stock Grants Shares Share Outstanding at December 31, 2020 224,002 $ 0.36 Granted during the period — — Restrictions lifted during the period — — Forfeited during the period — — Outstanding March 31, 2021 224,002 $ 0.36 |
Schedule of restricted stock units | Weighted Average Grant Date Fair Number of Value Per Restricted Stock Units Shares Share Outstanding at December 31, 2020 3,610,038 $ 0.70 Granted during the period — — Restrictions lifted during the period — — Forfeited during the period — — Outstanding March 31, 2021 3,610,038 $ 0.70 |
Summary of the status of the Company's common stock warrants | Weighted Number of Average Exercise Underlying Price Per Common Stock Warrants Shares Share Outstanding at December 31, 2019 14,653,846 $ 0.39 Granted during the period: April 2020 Series A warrants 7,500,000 0.30 April 2020 Series B warrants 3,750,000 0.30 Exercised during period April 2020 Series A warrants (5,000,000) 0.30 April 2020 Series B warrants (3,500,000) 0.30 Outstanding at December 31, 2020 17,403,846 0.38 Exercised during period July 2019 Series A warrants (200,000) 0.35 July 2019 Series B warrants (1,500,000) 0.35 April 2020 Series A warrants (1,400,000) 0.30 Outstanding March 31, 2021 14,303,846 $ 0.39 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information | |
Schedule of reconciliation of net loss for the period to cash used in operations | Quarter Ended March 31, 2021 2020 (in thousands) Cash flows from operating activities: Net loss $ (3,178) $ (3,336) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 155 279 Accretion of asset retirement obligation 66 59 Decrease (increase) in derivative at fair value, net — 215 Gain on trading securities (52) — Asset write off 54 — Gain on sale of assets (17) — Stock compensation 429 52 Changes in operating assets and liabilities from continuing operations: Decrease in lease receivable 72 138 (Increase) decrease in prepaid expenses and other assets (478) 43 (Increase) decrease in inventories (1,500) 53 Decrease in other long-term assets 352 96 Decrease in reclamation liability (87) (1) Increase (decrease) in accounts payable and accrued liabilities 669 (568) Decrease in other current liabilities (124) (675) Decrease in deferred revenue (140) (118) Decrease in other long-term liabilities (135) (56) Net cash used in operating activities $ (3,914) $ (3,819) Quarter Ended March 31, 2021 2020 (in thousands) Supplemental disclosure: Interest paid $ 5 $ 26 Income taxes paid $ — $ 284 Supplemental disclosure of non-cash transactions: Deferred equity offering costs amortized $ 57 $ 32 Deferred equity offering costs written off $ 352 $ — Capital expenditures accrued $ 304 $ — |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information | |
Schedule of financial information relating to discontinued operations and continuing operations | Exploration, El Costs Depreciation, Quevar, Velardeña Three Months Ended Applicable Depletion and and Administrative Pre-Tax (gain) Capital March 31, 2021 Revenue to Sales Amortization Expense loss Total Assets Expenditures Mexico Operations $ 1,778 $ 1,536 $ 109 $ 659 $ 452 $ 7,917 $ 541 Corporate, Exploration and Other — — 46 1,975 2,778 10,908 5 $ 1,778 $ 1,536 $ 155 $ 2,634 $ 3,230 $ 18,825 $ 546 Three Months Ended March 31, 2020 Velardeña Properties $ 1,196 $ 564 $ 204 $ 657 $ 371 $ 4,663 $ 1 Corporate, Exploration and Other — — 75 2,848 2,965 5,572 — $ 1,196 $ 564 $ 279 $ 3,505 $ 3,336 $ 10,235 $ 1 |
Basis of Preparation of Finan_2
Basis of Preparation of Financial Statements and Nature of Operations (Details) | Mar. 31, 2021 | Apr. 09, 2020 |
Rodeo Property | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Investment ownership percentage | 100.00% | |
Velardena Properties | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Investment ownership percentage | 100.00% | |
El Quevar Project | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Investment ownership percentage | 100.00% | |
Barrick Earn-In Agreement | El Quevar Project | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Investment ownership percentage | 70.00% |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financial institutions minimum net worth | $ 1,000,000 | |
Trading securities, cost | 59 | $ 59 |
Total short term, cost | 59 | 59 |
Total short term | 131 | 79 |
Trading securities | ||
Trading securities, cost | $ 59 | $ 59 |
Sale of Santa Maria Property | Options Agreement | Fabled Copper Corp. | ||
Consideration Received in Shares | shares | 1,000,000 | 1,000,000 |
Percentage of interest claims | 100.00% | |
Estimated Fair Value. | ||
Trading securities | $ 131 | $ 79 |
Total short term | 131 | 79 |
Estimated Fair Value. | Trading securities | ||
Trading securities | 131 | 79 |
Carrying Value. | ||
Trading securities | 131 | 79 |
Total short term | 131 | 79 |
Carrying Value. | Trading securities | ||
Trading securities | $ 131 | $ 79 |
Prepaid Expenses and Other As_3
Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Assets | ||
Prepaid insurance | $ 563 | $ 571 |
Recoupable deposits and other | 427 | 559 |
Prepaid expenses and other assets | 990 | $ 1,130 |
Receivables for Reimbursement of Costs | 100 | |
Deferred tax assets | $ 100 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Inventories, net | $ 1,840,000 | $ 284,000 | |
Charge to cost of goods sold | 17,000 | ||
Rodeo Project | |||
Dore inventory | 832,000 | 0 | |
In-process inventory | 516,000 | 0 | |
Material and supplies | 492,000 | 284,000 | |
Inventories, net | 1,840,000 | $ 284,000 | |
Charge to cost of goods sold | 17,000 | ||
Capitalized depreciation and amortization | 58,000 | ||
Obsolescence allowance | $ 300,000 | $ 300,000 |
Value added tax receivable, n_2
Value added tax receivable, net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Value added tax receivable, net | $ 805 | $ 45 |
Mexico | ||
Value added tax receivable, net | $ 800 | |
Expected period within which current amount of VAT will be recovered | 1 year | |
VAT receivables offset against VAT payable | $ 133 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment | ||
Property, plant and equipment, gross | $ 34,709 | $ 33,958 |
Less: Accumulated depreciation and amortization | (28,603) | (28,438) |
Property, plant and equipment, net | 6,106 | 5,520 |
Mineral properties | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 9,353 | 9,353 |
Exploration properties | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 2,418 | 2,418 |
Royalty properties | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 200 | 200 |
Buildings | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 3,780 | 3,755 |
Mining equipment and machinery | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 16,272 | 16,135 |
Other furniture and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 915 | 890 |
Construction in progress | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | 877 | 259 |
Asset retirement cost | ||
Property, plant and equipment | ||
Property, plant and equipment, gross | $ 894 | $ 948 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Disposals (Details) - USD ($) | Dec. 04, 2020 | Jul. 14, 2020 | Apr. 09, 2020 | Mar. 31, 2021 |
Barrick Earn-In Agreement | ||||
Property, plant and equipment | ||||
Investment ownership percentage | 30.00% | |||
Barrick Gold Corporation | Barrick Earn-In Agreement | ||||
Property, plant and equipment | ||||
Total work expenditure Incur | $ 10,000,000 | |||
Period for work expenditure | 8 years | |||
Work expenditure incur for year one | $ 500,000 | |||
Work expenditure incur for year two | 500,000 | |||
Work expenditure incur for year three | 1,000,000 | |||
Work expenditure incur for year four | 1,000,000 | |||
Work expenditure incur for year five | 1,000,000 | |||
Work expenditure incur for year six | 2,000,000 | |||
Work expenditure incur for year seven | 2,000,000 | |||
Work expenditure incur for year eight | 2,000,000 | |||
Minimum work expenditures spend to withdraw agreement | $ 1,000,000 | |||
Number of Days Notice Required to Withdraw Agreement | 30 days | |||
NewCo | Barrick Earn-In Agreement | ||||
Property, plant and equipment | ||||
Investment ownership percentage | 70.00% | |||
Sale of Santa Maria Property | ||||
Property, plant and equipment | ||||
Remaining payment | $ 300,000 | |||
Remaining Period Of Time For Final Payment | 1 year | |||
Sale of Santa Maria Property | Fabled Copper Corp. | Binding Letter of Intent Agreement | ||||
Property, plant and equipment | ||||
Percentage of interest claims | 100.00% | |||
Cash consideration received | $ 500,000 | |||
Consideration Received in Shares | shares | 1,000,000 | |||
First year anniversary consideration | $ 1,500,000 | |||
Second year anniversary consideration | $ 2,000,000 | |||
Percentage of royalty return | 1.00% | |||
Velardena Properties | ||||
Property, plant and equipment | ||||
Investment ownership percentage | 100.00% | |||
El Quevar Project | ||||
Property, plant and equipment | ||||
Investment ownership percentage | 100.00% | |||
El Quevar Project | Barrick Gold Corporation | Barrick Earn-In Agreement | ||||
Property, plant and equipment | ||||
Investment ownership percentage | 70.00% | |||
Private Placement | Barrick Gold Corporation | ||||
Property, plant and equipment | ||||
Sale of Stock, Number of Shares Issued in Transaction | 4,719,207 | |||
Sale of Stock, Price Per Share | $ 0.2119 |
Other Long-Term Assets - Schedu
Other Long-Term Assets - Schedule of other long term assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Long-Term Assets | ||
Deferred offering costs | $ 70 | $ 479 |
Right of use assets | 908 | 993 |
Other long-term assets | $ 978 | $ 1,472 |
Other Long- Term Assets (Detail
Other Long- Term Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Jun. 30, 2019 | Jun. 01, 2019 |
Change in Accounting Principle | ||||||
Operating lease liability statement of financial position (Extensible list) | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | ||||
LPC Program [Member] | ||||||
Change in Accounting Principle | ||||||
Unamortized deferred cost | $ 353,000 | |||||
Office Leases | ||||||
Change in Accounting Principle | ||||||
Right of use assets | 400,000 | $ 500,000 | ||||
Lease liability | 300,000 | 300,000 | ||||
Mining Equipment Lease Property | ||||||
Change in Accounting Principle | ||||||
Right of use assets | 400,000 | 500,000 | ||||
Lease liability | $ 200,000 | $ 300,000 | ||||
Rodeo Property | ||||||
Change in Accounting Principle | ||||||
Term of operating lease | 27 years | |||||
Right of use assets | $ 420,000 | |||||
Lease liability | $ 420,000 | |||||
Future lease payments discount rate | 7.00% | |||||
COLORADO | ||||||
Change in Accounting Principle | ||||||
Term of operating lease | 5 years 8 months | |||||
Right of use assets | $ 465,000 | |||||
Lease liability | $ 450,000 | |||||
Future lease payments discount rate | 9.50% | |||||
Mexico and Argentina | ||||||
Change in Accounting Principle | ||||||
Right of use assets | $ 45,000 | |||||
Lease liability | $ 45,000 | |||||
Mexico | ||||||
Change in Accounting Principle | ||||||
Term of operating lease | 4 years | |||||
Right of use assets | $ 174,000 | |||||
Lease liability | $ 174,000 | |||||
Argentina | ||||||
Change in Accounting Principle | ||||||
Term of operating lease | 2 years | |||||
Right of use assets | $ 18,000 | |||||
Lease liability | $ 18,000 |
Accounts Payable and Other Ac_3
Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts payable and accruals | $ 1,380 | $ 472 |
Accrued employee compensation and benefits | 910 | 846 |
Accounts payable and other accrued liabilities | 2,290 | 1,318 |
Accrued vacation | 300 | 300 |
Withholding taxes and benefits payable | 600 | 500 |
Velardena Properties | ||
Accounts payable and accruals | 1,200 | 300 |
Accrued employee compensation and benefits | 700 | 600 |
Corporate, Exploration and Other | ||
Accounts payable and accruals | $ 200 | $ 200 |
Debt - Related Party (Details)
Debt - Related Party (Details) - Sentient Loan - USD ($) | Aug. 12, 2020 | Mar. 31, 2021 | Mar. 30, 2020 |
Short-term Debt [Line Items] | |||
Short Term Loan | $ 0 | $ 1,000,000 | |
Short term loan interest rate | 10.00% | ||
Payment of related party loan (note 13) | $ 1,037,159 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | ||
Sentient | |||
Short-term Debt [Line Items] | |||
Ownership (as a percent) | 23.00% | 32.00% |
Other Liabilities (Details)
Other Liabilities (Details) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)payment | Dec. 31, 2020USD ($)payment | Mar. 31, 2021USD ($) | |
Other Current Liabilities | |||
Premium financing | $ 390,000 | $ 205,000 | |
Other current liabilities | $ 667,000 | 544,000 | |
Premium amount | $ 110,000 | ||
Number of payment | payment | 12 | 12 | |
Premium interest rate | 5.74% | 5.74% | |
Insurance premium payable | $ 406,000 | 205,000 | |
Other long term liabilities | 648,000 | 512,000 | |
General Liability | |||
Other Current Liabilities | |||
Premium financing | 23,000 | ||
Directors and Officers Liability Insurance | |||
Other Current Liabilities | |||
Premium financing | 367,000 | ||
Office Leases | |||
Other Current Liabilities | |||
Office lease liability | 138,000 | 143,000 | |
Operating lease liability | 300,000 | 300,000 | |
Mining Equipment Lease Property | |||
Other Current Liabilities | |||
Office lease liability | 139,000 | 196,000 | |
Operating lease liability | $ 300,000 | $ 200,000 |
Asset Retirement and Reclamat_3
Asset Retirement and Reclamation Liabilities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2012 | |
Asset retirement and reclamation liabilities (Note 12) | $ 3,145,000 | ||
Summary of activity in the Velardena Operations ARO | |||
ARO, Beginning balance | 3,166,000 | ||
Accretion expense | 66,000 | $ 59,000 | |
ARO, Ending balance | 3,145,000 | ||
Velardena Properties | |||
Asset retirement and reclamation liabilities (Note 12) | 3,136,000 | 2,966,000 | $ 1,900,000 |
Summary of activity in the Velardena Operations ARO | |||
ARO, Beginning balance | 3,156,000 | 2,825,000 | |
Changes in estimates, and other | (86,000) | 82,000 | |
Accretion expense | 66,000 | 59,000 | |
ARO, Ending balance | 3,136,000 | 2,966,000 | |
Rodeo Project | |||
Environmental costs | $ 0 | $ 0 |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Level 2 | ||
Fair value measurements | ||
Assets | $ 0 | $ 0 |
Liabilities | 0 | 0 |
Level 3 | ||
Fair value measurements | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Recurring | ||
Fair value measurements | ||
Cash and cash equivalents | 7,975,000 | 9,704,000 |
Short-term investments | 131,000 | 79,000 |
Assets | 8,106,000 | 9,783,000 |
Recurring | Level 1 | ||
Fair value measurements | ||
Cash and cash equivalents | 7,975,000 | 9,704,000 |
Short-term investments | 131,000 | 79,000 |
Assets | 8,106,000 | 9,783,000 |
Non-recurring | ||
Fair value Assumptions | ||
Fair value measurements | $ 0 | $ 0 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Taxes | |||
Income taxes (Note 14) | $ 52,000 | $ 0 | |
Net deferred tax assets | 52,000 | $ 0 | |
Net deferred tax liabilities | 0 | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Equity - Issue and Conversion (
Equity - Issue and Conversion (Details) - USD ($) | Jul. 21, 2020 | Apr. 22, 2020 | Apr. 20, 2020 | Apr. 09, 2020 | Jul. 17, 2019 | Dec. 31, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | May 09, 2018 |
Proceeds from issuance of common stock, net of issuance costs | $ 2,714,000 | $ 439,000 | |||||||
Warrants Series A and B | |||||||||
Exercise price | $ 0.24 | ||||||||
Warrants issued | $ 1,900,000 | ||||||||
Expected volatility (as a percent) | 95.00% | ||||||||
Risk-free rate (as a percent) | 0.41% | ||||||||
Series B Warrants | |||||||||
Warrants Exercise Period | 6 months | ||||||||
Private Placement | |||||||||
Total cost of offering | $ 334,000 | ||||||||
Placement agent fee (as a percent) | 6.00% | ||||||||
Private Placement | Warrants Series A and B | |||||||||
Share Price | $ 0.30 | ||||||||
Aggregate gross proceeds of warrants | $ 3,000,000 | ||||||||
ATM Agreement | |||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 1,800,000 | $ 223,000 | |||||||
Common stock issued (in shares) | 1,856,960 | 823,452 | |||||||
Aggregate value of securities allowed under agreement | $ 5,000,000 | ||||||||
Sale price (in dollars per shares) | $ 0.97 | $ 0.28 | |||||||
Amortization of deferred cost | $ 57,000 | $ 8,000 | |||||||
Unamortized deferred cost | $ 71,000 | $ 129,000 | |||||||
Aggregate securities allowed under agreement (in shares) | 10,000,000 | ||||||||
Commission rate (as a percent) | 2.00% | ||||||||
common shares available for issuance | 2,200,000 | ||||||||
LPC Program [Member] | |||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 216,000 | ||||||||
Common stock issued (in shares) | 900,000 | ||||||||
Sale price (in dollars per shares) | $ 0.27 | ||||||||
Amortization of deferred cost | $ 24,000 | ||||||||
Unamortized deferred cost | $ 353,000 | ||||||||
Commitment purchase agreement | |||||||||
Aggregate value of securities allowed under agreement | $ 10,000,000 | ||||||||
Firm Commitment Offering | |||||||||
Number of shares to purchase in agreement | 17,857,143 | ||||||||
Purchase price | $ 0.42 | ||||||||
Percentage of underwriting discount | 6.00% | ||||||||
Total cost of offering | $ 155,000 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 8,000,000 | ||||||||
Over-Allotment Option | |||||||||
Number of shares to purchase in agreement | 2,678,571 | ||||||||
Minimum | Private Placement | |||||||||
Warrants Exercise Period | 6 years | ||||||||
Maximum | Private Placement | |||||||||
Expiration term of warrant | 5 years | ||||||||
Common Stock | Private Placement | |||||||||
Common stock issued (in shares) | 15,000,000 | ||||||||
Share Price | $ 0.20 | ||||||||
Common shares issuable upon exercise | 11,250,000 | ||||||||
Common Stock | Private Placement | Series A Warrants | |||||||||
Common shares issuable upon exercise | 7,500,000 | ||||||||
Common Stock | Private Placement | Series B Warrants | |||||||||
Common shares issuable upon exercise | 3,750,000 | ||||||||
Exercise price | $ 0.26 | ||||||||
Barrick | Subscription Agreement | |||||||||
Number of shares to purchase in agreement | 4,719,207 | ||||||||
Purchase price | $ 0.2119 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 900,000 |
Equity - Non-Option Incentive (
Equity - Non-Option Incentive (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted Average Grant Date Fair Value Per Share - Non-option | ||
Compensation expense | $ 429,000 | $ 52,000 |
KELTIP Units | ||
Number of Shares - Non-option | ||
Outstanding at beginning of year (in shares) | 3,725,000 | |
Outstanding at end of year (in shares) | 4,205,000 | |
Equity Plan | Restricted Stock | ||
Number of Shares - Non-option | ||
Outstanding at beginning of year (in shares) | 224,002 | |
Granted during the year (in shares) | ||
Restrictions lifted during the year (in shares) | ||
Forfeited during the year (in shares) | ||
Outstanding at end of year (in shares) | 224,002 | |
Weighted Average Grant Date Fair Value Per Share - Non-option | ||
Outstanding at beginning of year (in dollars per share) | $ 0.36 | |
Granted during the year (in dollars per share) | ||
Restrictions lifted during the year (in dollars per share) | ||
Forfeited during the year (in dollars per share) | ||
Outstanding at end of year (in dollars per share) | $ 0.36 | |
Compensation expense | $ 13,000 | |
Additional compensation expense expected to be recognized | $ 45,000 | |
Period for future recognition of additional compensation expense | 16 months | |
Deferred Compensation Plan | Restricted Stock Units (RSUs) | ||
Number of Shares - Non-option | ||
Outstanding at beginning of year (in shares) | 3,610,038 | |
Granted during the year (in shares) | ||
Restrictions lifted during the year (in shares) | ||
Forfeited during the year (in shares) | ||
Outstanding at end of year (in shares) | 3,610,038 | |
Weighted Average Grant Date Fair Value Per Share - Non-option | ||
Outstanding at beginning of year (in dollars per share) | $ 0.70 | |
Granted during the year (in dollars per share) | ||
Restrictions lifted during the year (in dollars per share) | ||
Forfeited during the year (in dollars per share) | ||
Outstanding at end of year (in dollars per share) | $ 0.70 | |
Compensation expense | $ 47,000 | |
Additional compensation expense expected to be recognized | $ 41,000 | |
Period for future recognition of additional compensation expense | 3 months | |
Number of unrestricted shares Director to receive for vested RSU upon termination from board | 1 | |
KELTIP | ||
Number of Shares - Non-option | ||
Granted during the year (in shares) | 480,000 | 0 |
Weighted Average Grant Date Fair Value Per Share - Non-option | ||
Compensation expense | $ 400,000 |
Equity - Warrants (Details)
Equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 22, 2020 | Apr. 20, 2020 | Jul. 17, 2019 | May 31, 2016 | Mar. 31, 2021 | Dec. 31, 2020 |
Warrant | ||||||
Number of Underlying Shares | ||||||
Outstanding, beginning balance (in shares) | 17,403,846 | 14,653,846 | ||||
Outstanding, end balance (in shares) | 14,303,846 | 17,403,846 | ||||
Weighted Average Exercise Price Per Share | ||||||
Outstanding, beginning balance (in dollars per share) | $ 0.38 | $ 0.39 | ||||
Outstanding, end balance (in dollars per share) | $ 0.39 | $ 0.38 | ||||
May 2016 Warrants | ||||||
Number of Underlying Shares | ||||||
Exchanged during period (in shares) | 4,500,000 | |||||
Series B Warrants | ||||||
Number of Underlying Shares | ||||||
Exchanged during period (in shares) | 4,500,000 | |||||
Weighted Average Exercise Price Per Share | ||||||
Exchanged during the period (in dollar per share) | $ 0.35 | |||||
Warrants exercise period | 6 months | |||||
July 2019 Series A waarants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | (200,000) | |||||
Weighted Average Exercise Price Per Share | ||||||
Exercised during period (in dollar per share) | $ 0.35 | |||||
July 2019 Series B warrants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | (1,500,000) | |||||
Weighted Average Exercise Price Per Share | ||||||
Exercised during period (in dollar per share) | $ 0.35 | |||||
April 2020 Series A warrants | ||||||
Number of Underlying Shares | ||||||
Granted (in shares) | 7,500,000 | |||||
Exercised (in shares) | (1,400,000) | (5,000,000) | ||||
Weighted Average Exercise Price Per Share | ||||||
Granted (in dollars per share) | $ 0.30 | |||||
Exercised during period (in dollar per share) | $ 0.30 | $ 0.30 | ||||
April 2020 Series B warrants | ||||||
Number of Underlying Shares | ||||||
Granted (in shares) | 3,750,000 | |||||
Exercised (in shares) | (3,500,000) | |||||
Weighted Average Exercise Price Per Share | ||||||
Granted (in dollars per share) | $ 0.30 | |||||
Exercised during period (in dollar per share) | $ 0.30 | |||||
Private Placement | Series A Warrants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | 6,400,000 | 6,400,000 | ||||
Outstanding, end balance (in shares) | 1,100,000 | |||||
Private Placement | Series B Warrants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | 3,500,000 | 3,500,000 | ||||
Outstanding, end balance (in shares) | 250,000 | |||||
Registered Offering | ||||||
Weighted Average Exercise Price Per Share | ||||||
Common stock issued (in shares) | 8,000,000 | |||||
Sale price (in dollars per shares) | $ 0.50 | |||||
Gross proceeds from common stock sale | $ 4 | |||||
Registered Offering | May 2016 Warrants | ||||||
Number of Underlying Shares | ||||||
Outstanding, end balance (in shares) | 1,500,000 | |||||
Registered Offering | Series A Warrants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | 200,000 | |||||
Outstanding, end balance (in shares) | 8,453,846 | |||||
Weighted Average Exercise Price Per Share | ||||||
Warrants exercise period | 6 months | |||||
Registered Offering | Series B Warrants | ||||||
Number of Underlying Shares | ||||||
Exercised (in shares) | 1,500,000 | |||||
Outstanding, end balance (in shares) | 3,000,000 | |||||
Registered Offering | 2016 Warrants | ||||||
Number of Underlying Shares | ||||||
Outstanding, end balance (in shares) | 6,000,000 | |||||
Weighted Average Exercise Price Per Share | ||||||
Number of shares of common stock per capital unit (in shares) | 0.75 | |||||
Number of common shares which can be purchased with each warrant | 1 | |||||
Warrants exercise period | 5 years | |||||
LPC Program [Member] | ||||||
Weighted Average Exercise Price Per Share | ||||||
Common stock issued (in shares) | 900,000 | |||||
Sale price (in dollars per shares) | $ 0.27 | |||||
Common Stock | Private Placement | ||||||
Weighted Average Exercise Price Per Share | ||||||
Common stock issued (in shares) | 15,000,000 | |||||
Common shares issuable upon exercise | 11,250,000 | |||||
Common Stock | Private Placement | Series A Warrants | ||||||
Weighted Average Exercise Price Per Share | ||||||
Common shares issuable upon exercise | 7,500,000 | |||||
Common Stock | Private Placement | Series B Warrants | ||||||
Weighted Average Exercise Price Per Share | ||||||
Outstanding, end balance (in dollars per share) | $ 0.26 | |||||
Common shares issuable upon exercise | 3,750,000 | |||||
Common Stock | Registered Offering | ||||||
Weighted Average Exercise Price Per Share | ||||||
Common stock issued (in shares) | 8,653,846 |
Sale of Metals and Related Co_2
Sale of Metals and Related Costs (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Disaggregation of Revenue [Line Items] | |
Percentage of provisional payment for gold and silver | 95.00% |
Term of final payment within shipment date | 30 days |
Charge to cost of goods sold | $ 17,000 |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Provisional payment term of gold and silver | 7 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Provisional payment term of gold and silver | 10 days |
Oxide Plant Lease Revenue and_2
Oxide Plant Lease Revenue and Related Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Lease revenue | $ 1,196 |
Lease related costs | 564 |
Velardena Properties | |
Lease related costs | $ 600 |
Interest and Other Expense, N_2
Interest and Other Expense, Net (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
LPC Program [Member] | |
Interest and Other Income [Line Items] | |
Interest and other expense | $ 0.3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (3,178) | $ (3,336) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 155 | 279 |
Accretion of asset retirement obligation | 66 | 59 |
Decrease (increase) in derivative at fair value, net | 215 | |
Gain on trading securities | (52) | |
Asset write off | 54 | |
Gain on sale of assets | (17) | |
Stock compensation | 429 | 52 |
Changes in operating assets and liabilities from continuing operations: | ||
Decrease in lease receivable | 72 | 138 |
(Increase) decrease in prepaid expenses and other assets | (478) | 43 |
(Increase) decrease in inventories | (1,500) | 53 |
Decrease in other long-term assets | 352 | 96 |
Decrease in reclamation liability | (87) | (1) |
Increase (decrease) in accounts payable and accrued liabilities | 669 | (568) |
Decrease in other current liabilities | (124) | (675) |
Decrease in deferred revenue | (140) | (118) |
Decrease in other long-term liabilities | (135) | (56) |
Net cash used in operating activities | $ (3,914) | $ (3,819) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Supplemental and Non-cash transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Cash Flow Information | ||
Interest paid | $ 5 | $ 26 |
Income taxes paid | 284 | |
Deferred equity offering costs amortized | 57 | $ 32 |
Deferred equity offering costs written off | 352 | |
Capital expenditures accrued | $ 304 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contingencies | ||
Loss contingency | $ 0 | $ 0 |
Gain on contingencies | 0 | $ 0 |
Potential Lawsuit From Unifin Financiera [Member] | Threatened Litigation [Member] | ||
Frozen Bank Account Estimated Value | 153,000 | |
Loss Contingency, Damages Sought, Value | $ 12,500,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Information | |||
Number of reportable segments | segment | 2 | ||
Revenue | $ 1,778 | $ 1,196 | |
Costs Applicable to Sales | 1,536 | 564 | |
Depreciation, depletion and amortization | 155 | 279 | |
Exploration, El Quevar, Velardena and Administrative Expense | 2,634 | 3,505 | |
Pre-Tax (gain) loss | 3,230 | 3,336 | |
Total Assets | 18,825 | 10,235 | $ 18,306 |
Capital Expenditures | 546 | 1 | |
Mexico Operations | |||
Segment Information | |||
Revenue | 1,778 | ||
Costs Applicable to Sales | 1,536 | ||
Depreciation, depletion and amortization | 109 | ||
Exploration, El Quevar, Velardena and Administrative Expense | 659 | ||
Pre-Tax (gain) loss | 452 | ||
Total Assets | 7,917 | ||
Capital Expenditures | $ 541 | ||
Velardena Properties | |||
Segment Information | |||
Number of reportable segments | segment | 1 | ||
Revenue | 1,196 | ||
Costs Applicable to Sales | 564 | ||
Depreciation, depletion and amortization | 204 | ||
Exploration, El Quevar, Velardena and Administrative Expense | 657 | ||
Pre-Tax (gain) loss | 371 | ||
Total Assets | 4,663 | ||
Capital Expenditures | 1 | ||
Corporate, Exploration and Other | |||
Segment Information | |||
Depreciation, depletion and amortization | $ 46 | 75 | |
Exploration, El Quevar, Velardena and Administrative Expense | 1,975 | 2,848 | |
Pre-Tax (gain) loss | 2,778 | 2,965 | |
Total Assets | 10,908 | $ 5,572 | |
Capital Expenditures | $ 5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 30, 2020 | |
Minera Inde | ||
Related Party Transaction | ||
Shares issued | 162.5 | |
Shares outstanding | 162.5 | |
Monthly charges received | $ 15,000 | |
Received amount | 45,000 | |
Sentient Loan | ||
Related Party Transaction | ||
Debt - related party | $ 0 | $ 1,000,000 |
Short term loan interest rate | 10.00% | |
Sentient Loan | Sentient | ||
Related Party Transaction | ||
Ownership (as a percent) | 23.00% | 32.00% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Subsequent Events | |
Impairment charges | $ 0 |