Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-34857 | ||
Entity Registrant Name | GOLD RESOURCE CORP | ||
Entity Incorporation, State or Country Code | CO | ||
Entity Tax Identification Number | 84-1473173 | ||
Entity Address, Address Line One | 2000 South Colorado Blvd. | ||
Entity Address, Address Line Two | Tower 1 | ||
Entity Address, Address Line Three | Suite 10200 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80222 | ||
City Area Code | 303 | ||
Local Phone Number | 320-7708 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | GORO | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 74,439,205 | ||
Entity Public Float | $ 278,645,173 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001160791 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 25,405 | $ 10,210 |
Gold and silver rounds/bullion | 671 | 4,265 |
Accounts receivable, net | 4,226 | 8,362 |
Inventories, net | 9,995 | 13,507 |
Prepaid taxes | 786 | |
Prepaid expenses and other current assets | 2,576 | 2,024 |
Current assets of discontinued operations | 11,809 | |
Total current assets | 42,873 | 50,963 |
Property, plant and mine development, net | 62,511 | 65,242 |
Deferred tax assets, net | 309 | 3,900 |
Other non-current assets | 41 | 45 |
Non-current assets of discontinued operations | 72,862 | |
Total assets | 105,734 | 193,012 |
Current liabilities: | ||
Accounts payable | 8,782 | 9,050 |
Income taxes payable, net | 73 | |
Mining royalty taxes payable, net | 955 | 1,538 |
Accrued expenses and other current liabilities | 2,275 | 3,102 |
Current liabilities of discontinued operations | 14,291 | |
Total current liabilities | 12,085 | 27,981 |
Reclamation and remediation liabilities | 3,098 | 3,108 |
Operating lease liabilities, long-term | 13 | 160 |
Long-term liabilities of discontinued operations | 3,705 | |
Total liabilities | 15,196 | 34,954 |
Shareholders' equity: | ||
Common stock - $0.001 par value, 100,000,000 shares authorized: 74,376,958 and 65,691,527 shares outstanding at December 31, 2020 and December 31, 2019, respectively | 75 | 66 |
Additional paid-in capital | 84,865 | 148,171 |
Retained earnings | 12,653 | 16,876 |
Treasury stock at cost, 336,398 shares | (5,884) | (5,884) |
Accumulated other comprehensive loss | (1,171) | (1,171) |
Total shareholders' equity | 90,538 | 158,058 |
Total liabilities and shareholders' equity | $ 105,734 | $ 193,012 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 74,376,958 | 65,691,527 |
Treasury stock, shares | 336,398 | 336,398 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales, net | $ 90,692 | $ 120,301 | $ 115,308 |
Depreciation and amortization | 17,413 | 19,549 | 14,616 |
Reclamation and remediation | 166 | 64 | 330 |
Total mine cost of sales | 78,205 | 91,669 | 81,618 |
Mine gross profit | 12,487 | 28,632 | 33,690 |
Costs and expenses: | |||
General and administrative expenses | 8,402 | 8,017 | 7,828 |
Restructuring expenses | 1,316 | ||
Non-cash compensation expense related to stock options included in general and administrative expense | 2,230 | 1,932 | 1,497 |
Other (income) expense, net | (1,188) | 464 | 2,934 |
Total costs and expenses | 13,245 | 13,133 | 14,647 |
(Loss) income before income taxes | (758) | 15,499 | 19,043 |
Provision for income taxes | 5,573 | 9,967 | 7,169 |
Net (loss) income from continuing operations | (6,331) | 5,532 | 11,874 |
Net income (loss) from discontinued operations, net of income taxes | 10,690 | 300 | (2,586) |
Net income | $ 4,359 | $ 5,832 | $ 9,288 |
Net income per common share: | |||
Basic net (loss) income per common share from continuing operations | $ (0.09) | $ 0.09 | $ 0.21 |
Basic net income (loss) per common share from discontinued operations | 0.15 | (0.04) | |
Basic net income (loss) per common share | 0.06 | 0.09 | 0.17 |
Diluted net (loss) income per common share from continuing operations | (0.09) | 0.09 | 0.20 |
Diluted net income (loss) per common share from discontinued operations | 0.15 | (0.04) | |
Diluted net income per common share | $ 0.06 | $ 0.09 | $ 0.16 |
Weighted average shares outstanding: | |||
Basic | 69,902,708 | 63,681,156 | 57,534,830 |
Diluted | 70,686,243 | 64,032,990 | 58,369,666 |
Production costs | |||
Total mine cost of sales | $ 60,626 | $ 72,056 | $ 66,672 |
Exploration expenses | |||
Costs and expenses: | |||
Total costs and expenses | $ 2,485 | $ 2,720 | $ 2,388 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2017 | $ 114,584 | $ 4,520 | $ (5,884) | $ (1,171) | $ 112,106 | |
Balance (in shares) at Dec. 31, 2017 | 57,252,882 | |||||
Balance at Dec. 31, 2017 | $ 57 | |||||
Stock-based compensation | 1,497 | 1,497 | ||||
Net stock options exercised | $ 1 | 1,203 | 1,204 | |||
Net stock options exercised (in shares) | 712,271 | |||||
Common stock issued for vested restricted stock units (in shares) | 89,921 | |||||
Dividends declared | (1,152) | (1,152) | ||||
Issuance of stock, net of issuance costs | $ 1 | 4,318 | 4,319 | |||
Issuance of stock, net of issuance costs (in shares) | 1,131,755 | |||||
Net income | 9,288 | 9,288 | ||||
Balance at Dec. 31, 2018 | 121,602 | 12,656 | (5,884) | (1,171) | 127,262 | |
Balance (in shares) at Dec. 31, 2018 | 59,186,829 | |||||
Balance at Dec. 31, 2018 | $ 59 | |||||
Stock-based compensation | 1,932 | 1,932 | ||||
Net stock options exercised | $ 1 | 97 | $ 98 | |||
Net stock options exercised (in shares) | 69,448 | 274,750 | ||||
Common stock issued for vested restricted stock units (in shares) | 121,060 | |||||
Dividends declared | (1,612) | $ (1,612) | ||||
Issuance of stock, net of issuance costs | $ 6 | 24,540 | 24,546 | |||
Issuance of stock, net of issuance costs (in shares) | 6,650,588 | |||||
Net income | 5,832 | 5,832 | ||||
Balance at Dec. 31, 2019 | 148,171 | 16,876 | (5,884) | (1,171) | 158,058 | |
Balance (in shares) at Dec. 31, 2019 | 66,027,925 | |||||
Balance at Dec. 31, 2019 | $ 66 | 66 | ||||
Stock-based compensation | 3,039 | $ 3,039 | ||||
Net stock options exercised (in shares) | 0 | |||||
Common stock issued for vested restricted stock units | $ 1 | $ 1 | ||||
Common stock issued for vested restricted stock units (in shares) | 238,062 | |||||
Dividends declared | (2,819) | (2,819) | ||||
Issuance of stock, net of issuance costs | $ 8 | 25,887 | 25,895 | |||
Issuance of stock, net of issuance costs (in shares) | 8,447,369 | |||||
Spin-off of Fortitude Gold Corporation | (92,232) | (5,763) | (97,995) | |||
Net income | 4,359 | 4,359 | ||||
Balance at Dec. 31, 2020 | $ 84,865 | $ 12,653 | $ (5,884) | $ (1,171) | 90,538 | |
Balance (in shares) at Dec. 31, 2020 | 74,713,356 | |||||
Balance at Dec. 31, 2020 | $ 75 | $ 75 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 4,359 | $ 5,832 | $ 9,288 |
Net income (loss) from discontinued operations, net of income taxes | 10,690 | 300 | (2,586) |
Net (loss) income from continuing operations | (6,331) | 5,532 | 11,874 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Deferred income taxes | 3,508 | 3,857 | (596) |
Depreciation and amortization | 17,601 | 19,917 | 15,091 |
Stock-based compensation | 2,230 | 1,932 | 1,497 |
Other operating adjustments | (404) | 305 | 2,535 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,136 | (6,618) | (220) |
Inventories | 1,036 | (1,976) | (2,099) |
Prepaid expenses and other current assets | (405) | 1,097 | (225) |
Other non-current assets | 4 | (3) | (1) |
Accounts payable and other accrued liabilities | (588) | 175 | 1,363 |
Mining royalty and income taxes payable, net | 426 | (106) | (3,894) |
Net cash provided by operating activities from continuing operations | 21,213 | 24,112 | 25,325 |
Cash flows from investing activities: | |||
Capital expenditures | (12,811) | (16,936) | (24,047) |
Proceeds from the sale gold and silver bullion/rounds | 4,846 | 2 | 6 |
Net cash used in investing activities from continuing operations | (7,965) | (16,934) | (24,041) |
Cash flows from financing activities: | |||
Proceeds from the exercise of stock options | 98 | 1,261 | |
Proceeds from issuance of stock | 25,795 | 24,449 | 4,319 |
Dividends paid | (2,790) | (1,491) | (1,149) |
Cash related to the Spin-Off | (27,774) | ||
Other financing activities | (452) | (2,019) | (909) |
Net cash provided by financing activities | (5,221) | 21,037 | 3,522 |
Effect of exchange rate changes on cash and cash equivalents | (528) | (455) | (266) |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Discontinued operations net cash provided by (used in) operating activities | 14,184 | (2,705) | (3,071) |
Discontinued operations net cash used in investing activities | (6,488) | (22,538) | (16,028) |
Net increase in cash and cash equivalents for continuing operations | 15,195 | 2,517 | (14,559) |
Cash and cash equivalents at beginning of period | 10,210 | 7,693 | 22,252 |
Cash and cash equivalents at end of period | $ 25,405 | $ 10,210 | $ 7,693 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information Continuing Operations | |||
Interest expense paid | $ 20 | $ 18 | $ 10 |
Income and mining taxes paid | 2,734 | 3,743 | 7,068 |
Non-cash investing activities: | |||
Change in capital expenditures in accounts payable | (643) | 624 | 437 |
Change in estimate for asset retirement costs | $ 82 | $ 443 | $ (433) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Gold Resource Corporation (the “Company”) was organized under the laws of the State of Colorado on August 24, 1998. The Company is a producer of metal concentrates that contain gold, silver, copper, lead and zinc, and doré containing gold and silver at the Aguila and Alta Gracia projects in the southern state of Oaxaca, Mexico. The Aguila project includes the Arista underground mine and processing facility, which are currently in operation. The Alta Gracia project includes the Mirador underground mine which began operations in 2017. Spin-Off On December 31, 2020, The Company completed the spin-off of its wholly-owned subsidiary, Fortitude Gold Corporation and its subsidiaries (“FGC” or “Nevada Mining Unit”), into a separate, public company The spin-off was affected by the distribution of all of the outstanding shares of FGC common stock to the Company’s shareholders (the “Distribution”). The Company’s shareholders of record as of the close of business on December 28, 2020 (the “Record Date”) received one share of FGC common stock for every 3.5 Significant Accounting Policies Basis of Presentation The consolidated financial statements included herein are expressed in United States dollars and conform to United States generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its Mexican subsidiary, Don David Gold Mexico S.A. de C.V. (“DDGM” or “Don David Gold Mine”). Intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations The Company presents discontinued operations when there is a disposal of a component group or a group of components that in its judgment represents a strategic shift that will have a major effect on its operations and financial results. The Company aggregates the results of operations for discontinued operations into a single line item in the Consolidated Statements of Operations for all periods presented. General corporate overhead is not allocated to discontinued operations. See Note 2 Segment Reporting Prior to the Fortitude Spin-Off, the Company had organized its operations into two geographic regions. The geographic regions included Oaxaca, Mexico and Nevada, U.S.A. and represented the Company’s operating segments. Intercompany revenue and expense amounts were eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company’s business activities that were not considered operating segments were included in Corporate and Other. For the year ended December 31, 2020, the Nevada operations are reported as Discontinued Operations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation calculations; future metal prices; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpiles; estimates of fair value asset impairments; write-downs of inventory, stockpiles to net realizable value; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; and stock-based compensation. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. The reclassifications had no material effect on the Company’s results of operations or financial condition. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and are highly liquid. Gold and Silver Rounds/Bullion From time to time, the Company may purchase gold and silver bullion on the open market in order to diversify its treasury and provide an option for shareholders to convert their dividends into bullion. The purchased gold and silver bullion is carried at quoted market value prices based on the daily London P.M. fix as of the balance sheet date. The Company considers bullion a highly-liquid investment. Accounts Receivable, net Accounts receivable consists of trade receivables, which are recorded net of allowance for doubtful accounts, from the sale of doré and metals concentrates, as well an embedded derivative based on mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note 13 Note 18 for additional information related to the embedded derivative. As of December 31, 2020 and 2019, the allowance for doubtful accounts was Inventories The major inventory categories are set forth below: Stockpile Inventories : Concentrate Inventories Doré Inventory: Materials and Supplies Inventories Write-downs of inventory are charged to expense. IVA Taxes Receivable and Payable In Mexico, value added (“IVA”) taxes are assessed on purchases of materials and services and sales of products. Likewise, businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or credit to IVA tax payable. Amounts recorded as IVA taxes in the consolidated financial statements represent the net estimated IVA tax receivable or payable, since there is a legal right of offset of IVA taxes. Property, Plant and Mine Development Land and Mineral Rights : The costs of acquiring land and mineral rights are considered tangible assets. Administrative and holding costs to maintain an exploration property are expensed as incurred. If a mineable mineral deposit is discovered, such capitalized costs are amortized when production begins using the units of production (“UOP”) method. If no mineable mineral deposit is discovered or such rights are otherwise determined to have diminished value, such costs are expensed in the period in which the determination is made. Mine Development : Drilling costs incurred during the production phase for operational ore control are recorded as mine development and allocated to inventory costs and then included as a component of production costs. All other drilling and related costs are expensed as incurred. Mine development costs are amortized using the UOP method based on estimated recoverable ounces in proven and probable reserves. Property and Equipment Construction in Progress : Expenditures for new facilities or equipment are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property and equipment to be depreciated or amortized Depreciation and Amortization Range of Lives Asset retirement costs UOP Furniture, computer and office equipment 3 to 10 years Light vehicles and other mobile equipment 4 years Machinery and equipment UOP to 4 years Mill facilities, leach pad, and related infrastructure UOP Mine development and mineral interests UOP Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. If an impairment is indicated, a determination is made whether an impairment has occurred and any impairment losses are measured as the excess of carrying value over the total discounted estimated future cash flows, or the application of an expected fair value technique in the absence of an observable market price and are charged to expense on the Company’s consolidated statements of operations. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Existing reserves and other mineralized material are included when estimating the fair value in determining whether the assets are impaired. The Company’s estimates of future cash flows are based on numerous assumptions including expected gold and other commodity prices, production levels, capital requirements and estimated salvage values. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital requirements are each subject to significant risks and uncertainties. Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, gold and silver rounds/bullion, receivables from provisional concentrate sales and accounts payable approximate fair value because of the short maturity of those instruments. Treasury Stock Treasury stock represents shares of the Company’s common stock which have been repurchased on the open market at the prevailing market price at the time of purchase and have not been cancelled. Treasury stock is shown at cost as a separate component of equity. Revenue Recognition The Company recognizes revenue from doré and concentrate sales. Concentrate sales of the concentrates at the quoted metal prices at the time of delivery. The embedded derivative, which does not qualify for hedge accounting, is adjusted to market through revenue each period prior to final settlement. Market changes in the prices of metals between the delivery and final settlement dates will result in adjustments to revenues related to previously recorded sales of concentrate. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated with the buyer. These charges are estimated upon delivery of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. Doré sales Production Costs Production costs include labor and benefits, royalties, concentrate and doré shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine workers, materials and supplies, repairs and maintenance, explosives, site support, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support mining operations. Exploration Costs Exploration costs are charged to expense as incurred. Costs to identify new mineral resources and to evaluate potential resources are considered exploration costs. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of U.S. GAAP. Those provisions require all stock-based payments, including grants of stock options and RSUs to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis in the consolidated statements of operations over the period during which services are performed in exchange for the award. The majority of the awards are earned over a service period of three years. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, and estimates of forfeitures. Reclamation and Remediation Costs Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. Reclamation obligations are based in part on when the spending for an existing environmental disturbance will occur. The Company reviews, at least on an annual basis, the reclamation obligation at each mine. Prior to 2014, the Company had been recognizing only reclamation and remediation obligations and all associated asset retirement costs were written off due to the development stage status as the Company had not been reporting its proven and probable reserves for its Don David Gold Mine. In 2014, the Company became a production stage company and therefore capitalized asset retirement costs and recorded an asset retirement obligation. Please see Note 10 Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs expected to be incurred to complete the reclamation and remediation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is presented in the consolidated statements of changes in shareholders’ equity. Accumulated other comprehensive loss is composed of foreign currency translation adjustment effects related to the historical adjustment when the functional currency was the Mexican peso for our Mexico subsidiary. This loss will remain on our consolidated balance sheet until the sale or dissolution of our Mexico subsidiary. Income and Mining Royalty Taxes Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating loss and foreign tax credit carry-forwards using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated to determine if it is more likely than not that they will be realized. Please see Note 6 Net Income Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if potentially dilutive securities, as determined using the treasury stock method, are converted into common stock. Potentially dilutive securities are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the average fair market value of the underlying common stock. Foreign Currency The functional currency for all of the Company’s subsidiaries is the United States dollar (“U.S. dollar”). Concentration of Credit Risk The Company has considered and assessed the credit risk resulting from its concentrate sales and doré sales arrangements with its customers. In the event that the Company’s relationships with its customers are interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its metals concentrates and doré bars; however, any interruption could temporarily disrupt the Company’s sale of its products and adversely affect operating results. The Company’s Aguila and Alta Gracia projects, which are located in the State of Oaxaca, Mexico, accounted for 100% of the Company’s total net sales for the years ended December 31, 2020, 2019 and 2018, respectively. Some of the Company’s operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of the depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company’s financial position or results of operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations | |
Discontinued Operations | 2. As described in Note 1 FGC is presented as discontinued operations in the Company’s consolidated financial statements. The carrying amount of assets and liabilities reflected as assets and liabilities of discontinued operations in the Company Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019 is as follows ( in thousands December 31, December 31, 2020 2019 ASSETS Current assets: Cash and cash equivalents $ - $ 866 Inventories, net - 10,624 Prepaid expenses and other current assets - 319 Total current assets of discontinued operations - 11,809 Property, plant and mine development, net - 60,017 Operating lease assets, net - 7,125 Deferred tax assets, net - 735 Other non-current assets - 4,985 Total assets of discontinued operations $ - $ 84,671 LIABILITIES Current liabilities: Accounts payable $ - $ 5,406 Loans payable, current - 879 Finance lease liabilities, current - 438 Operating lease liabilities, current - 7,125 Accrued expenses and other current liabilities - 443 Total current liabilities of discontinued operations - 14,291 Reclamation and remediation liabilities - 2,497 Loans payable, long-term - 782 Finance lease liabilities, long-term - 426 Total liabilities of discontinued operations $ - $ 17,996 Results of discontinued operations for the years ended December 31, 2020, 2019, and 2018 are as follows ( in thousands 2020 2019 2018 Sales, net $ 53,967 $ 15,065 $ - Mine cost of sales 37,784 14,582 - Mine gross profit 16,183 483 - Exploration expenses 2,649 932 2,315 Other expense, net 838 168 177 Provision (benefit) for income taxes 2,006 (917) 94 Net income (loss) from discontinued operations $ 10,690 $ 300 $ (2,586) Selected Statements of Cash Flows presenting depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of FGC were as follows: 2020 2019 2018 Cash flows from discontinued operating activities: Net income (loss) $ 10,690 $ 300 $ (2,586) Adjustments to reconcile net income to net cash from operating activities: Deferred income taxes (224) (917) 94 Depreciation and amortization 10,377 4,022 78 Other operating adjustments 48 17 - Changes in operating assets and liabilities: Accounts receivable (145) - - Inventories (2,300) (6,490) (721) Prepaid expenses and other current assets (1,670) 346 (192) Other non-current assets (2,085) (3,600) 130 Accounts payable and other accrued liabilities (1,707) 3,617 126 Mining royalty and income taxes payable, net 1,200 - - Net cash provided by (used in) discontinued operating activities 14,184 (2,705) (3,071) Cash flows from discontinued investing activities: Capital expenditures (6,488) (22,538) (16,028) Net cash used in discontinued investing activities (6,488) (22,538) (16,028) Cash flows from discontinued financing activities: Other financing activities (452) (2,019) (909) Net cash used in discontinued financing activities (452) (2,019) (909) Supplemental Cash Flow Information Discontinued Operations Non-cash investing activities: Change in capital expenditures in accounts payable $ (1,544) $ (1,174) $ - Change in estimate for asset retirement costs $ 1,159 $ 1,726 $ 704 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Revenue | 3. Revenue The following table presents the Company’s net sales disaggregated by source: Year ended December 31, 2020 2019 2018 (in thousands) Doré sales, net Gold $ 8,719 $ 6,763 $ 6,250 Silver 2,774 2,439 1,348 Less: Refining charges (233) (171) (118) Total doré sales, net 11,260 9,031 7,480 Concentrate sales Gold 22,145 27,184 22,750 Silver 20,391 21,347 22,972 Copper 9,387 9,930 9,919 Lead 12,012 16,116 15,100 Zinc 36,451 48,804 46,743 Less: Treatment and refining charges (20,907) (13,825) (5,447) Total concentrate sales, net 79,479 109,556 112,037 Realized/unrealized embedded derivative, net (47) 1,714 (4,209) Total sales, net $ 90,692 $ 120,301 115,308 |
Gold and Silver Rounds_Bullion
Gold and Silver Rounds/Bullion | 12 Months Ended |
Dec. 31, 2020 | |
Gold and Silver Rounds/Bullion | |
Gold and Silver Rounds/Bullion | 4. Gold and Silver Rounds/Bullion The Company holds gold and silver bullion which is used in its dividend exchange program under which shareholders may exchange their cash dividends for minted gold and silver rounds. During the year ended December 31, 2020, the Company sold At December 31, 2020 and 2019, the Company’s holdings of rounds/bullion, using quoted market prices, consisted of the following: 2020 2019 Ounces Per Ounce Amount Ounces Per Ounce Amount (in thousands) (in thousands) Gold 189 $ 1,888 $ 357 1,866 $ 1,515 $ 2,827 Silver 11,842 $ 26.49 314 79,662 $ 18.05 1,438 Total holdings $ 671 $ 4,265 |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2020 | |
Inventories | |
Inventories | 5. Inventories At December 31, 2020 and 2019, current inventories consisted of the following: 2020 2019 (in thousands) Stockpiles - underground mine $ 648 $ 3,968 Stockpiles - open pit mine 41 97 Concentrates 1,919 1,340 Doré, (1) 459 840 Subtotal - product inventories 3,067 6,245 Materials and supplies (2) 6,928 7,262 Total $ 9,995 $ 13,507 (1) Net of reserve of $368 and $478 as of December 31, 2020 and 2019, respectively. (2) Net of reserve for obsolescence of $209 and $1,264 as of December 31, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 6. Income Taxes Gold Resource Corporation and its U.S. subsidiaries file a consolidated U.S. tax return and the Company’s foreign subsidiary files in Mexico. For financial reporting purposes, net income before income taxes includes the following components: Years Ended December 31, 2020 2019 2018 (in thousands) U.S. Operations $ (7,196) $ (6,338) $ (6,886) Foreign Operations, Mexico 6,438 21,837 25,929 Total income before income taxes $ (758) $ 15,499 $ 19,043 The Company's income tax expense from continuing operations consists of the following: Years ended December 31, 2020 2019 2018 (in thousands) Current taxes: Federal $ - $ - $ - Foreign 3,294 6,210 7,764 Total current taxes $ 3,294 $ 6,210 $ 7,764 Deferred taxes: Federal $ 2,999 $ 1,881 $ (1,787) Foreign (720) 1,876 1,192 Total deferred taxes $ 2,279 $ 3,757 $ (595) Total income tax provision $ 5,573 $ 9,967 $ 7,169 The provision for income taxes for the years ended December 31, 2020, 2019 and 2018, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income from operations as a result of the following differences: Years Ended December 31, 2020 2019 2018 (in thousands) Tax at statutory rates $ (159) $ 3,255 $ 3,999 Foreign rate differential 558 1,969 2,303 GILTI Inclusion (886) 2,173 - Changes in deferred tax assets 3,919 277 - Mexico mining tax 280 1,126 1,244 Foreign exchange 866 255 (495) Other 995 912 118 Tax provision $ 5,573 $ 9,967 $ 7,169 The following table sets forth deferred tax assets and liabilities: At December 31, 2020 2019 (in thousands) Non-current deferred tax assets: Tax loss carryforward - U.S. $ 2,190 $ 2,268 Property and equipment 10,355 10,930 Share-based compensation 4,018 4,058 Foreign tax credits 4,089 4,364 Inventory 79 485 Other 1,488 1,261 Total deferred tax assets 22,219 23,366 Valuation allowance (10,592) (7,068) Deferred tax assets after valuation allowance $ 11,627 $ 16,298 Deferred tax liability – Property, plant and mine development (11,318) (12,398) Net deferred tax asset $ 309 $ 3,900 Mexico Mining Taxation Mining entities in Mexico are subject to two mining duties, in addition to the 30% Mexico corporate income tax: (i) a “special” mining duty of 7.5% of taxable income as defined under Mexican tax law (also referred to as “mining royalty tax”) on extraction activities performed by concession holders, and (ii) the “extraordinary” mining duty of 0.5% on gross revenue from the sale of gold, silver and platinum. The mining royalty tax is generally applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the mining royalty tax, there are no deductions related to depreciable costs from operational fixed assets, but exploration and prospecting depreciable costs are deductible when incurred. Both duties are tax deductible for income tax purposes. As a result, our effective tax rate applicable to the Company’s Mexican operations is substantially higher than Mexico statutory rate. The Company periodically transfers funds from its Mexican wholly-owned subsidiary to the U.S. in the form of dividends. Mexico requires a 10% withholding tax on dividends on all post-2013 earnings. The Company began distributing post-2013 earnings from Mexico in 2018. According to the existing U.S. – Mexico tax treaty, the dividend withholding tax between these countries is limited to 5 % if certain requirements are met. The Company determined that it had met such requirements and paid a 5% withholding tax on dividends received from Mexico and as a result paid $0.2, $0.4, and $0.4 million for years ending December 31, 2020, 2019 and 2018, respectively. Other Tax Disclosures The Company evaluates the evidence available to determine whether a valuation allowance is required on the deferred tax assets. As a result of the spin-off of Fortitude Gold Corporation and its subsidiaries, the Company determined that all of its US deferred tax assets were more likely to be unrealized, therefore a full valuation allowance of $10.6 million was recorded as of December 31, 2020. As of December 31, 2019, the Company determined that the deferred tax assets related to state net operating loss carry forwards, other state related deferred tax assets, foreign tax credits, and capital loss carryforwards were more likely to be unrealized and a full valuation allowance of $7.1 million was recorded as of December 31, 2019. The U.S. Treasury Department issued final regulations in July 2020 concerning global intangible low-taxed income, commonly referred to as GILTI tax and introduced by the Tax Act of 2017. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The final tax regulations allow income to be excluded from GILTI tax that are subject to an effective tax rate higher than 90% of the U.S. tax rate. The Company completed its assessment of the new legislation and determined that we were not subject to GILTI tax in 2019 due to this high tax exception rule, therefore the Company recorded the reversal of the prior year GILTI tax expense that resulted in At December 31, 2020, the Company has federal loss carryforwards of $3.0 million ($0.6 million tax affected), with no expiration date, U.S. Foreign Tax Credits of $4.1 million that expire at various dates between 2023 and 2026, federal capital loss carryforwards of $1.4 million ($0.3 million tax affected) that expire at various dates between 2021 and 2024, and state of Colorado tax loss carryforwards of $34.1 million ($1.6 million tax affected), of which $30.8 million expire at various dates between 2021 and 2037 and $3.3 million that have no expiration. The Company has placed a valuation allowance against all U.S. deferred tax assets as of December 31, 2020, and a valuation allowance against U.S. Foreign Tax Credits, state of Colorado tax loss carryforwards, and federal capital loss carryforwards as of December 31, 2019. As of both December 31, 2020 and 2019, the Company believes that it has no uncertain tax positions. If the Company were to determine there was an uncertain tax position, the Company would recognize the liability and related interest and penalties within income tax expense. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses And Other Current Assets | |
Prepaid Expenses and Other Current Assets | 7 . Prepaid Expenses and Other Current Assets At December 31, 2020 and 2019, prepaid expenses and other current assets consisted of the following: 2020 2019 (in thousands) Advances to suppliers $ 374 $ 109 Prepaid insurance 709 1,200 IVA taxes receivable, net 846 245 Prepaid royalties - 127 Other current assets 647 343 Total $ 2,576 $ 2,024 |
Property, Plant and Mine Develo
Property, Plant and Mine Development, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Mine Development, net | |
Property, Plant and Mine Development,net | 8. Property, Plant and Mine Development, net At December 31, 2020 and 2019, property, plant and mine development consisted of the following: 2020 2019 (in thousands) Asset retirement costs $ 1,064 $ 982 Construction-in-progress (1) 7,158 2,421 Furniture and office equipment 1,839 1,812 Land 230 230 Light vehicles and other mobile equipment 2,192 2,120 Machinery and equipment 31,227 29,316 Mill facilities and infrastructure 24,407 23,854 Mine Development 83,859 79,041 Software and licenses 1,619 1,594 Subtotal (2) 153,595 141,370 Accumulated depreciation and amortization (91,084) (76,128) Total $ 62,511 $ 65,242 (1) Primarily related to the dry stack filtration plant. (2) Includes capital expenditures in accounts payable of $1.0 million and $1.6 at December 31, 2020 and 2019, respectively. The Company recorded depreciation and amortization expense for the years ended December 31, 2020, 2019 and 2018 of $17.6 million, $19.9 million and $15.1 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities At December 31, 2020 and 2019, accrued expenses and other current liabilities consisted of the following: 2020 2019 (in thousands) Accrued insurance $ - $ 452 Accrued royalty payments 1,796 2,086 Dividends payable 247 219 Other payables 232 345 Total $ 2,275 $ 3,102 |
Reclamation and Remediation
Reclamation and Remediation | 12 Months Ended |
Dec. 31, 2020 | |
Reclamation and Remediation | |
Reclamation and Remediation | 10. Reclamation and Remediation The following table presents the changes in the Company’s reclamation and remediation obligations for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Reclamation liabilities – balance at beginning of period $ 2,003 $ 1,916 Foreign currency exchange (gain) loss (113) 87 Reclamation liabilities – balance at end of period 1,890 2,003 Asset retirement obligation – balance at beginning of period 1,105 586 Changes in estimate 82 443 Accretion 79 48 Foreign currency exchange (gain) loss (58) 28 Asset retirement obligation – balance at end of period 1,208 1,105 Total period end balance $ 3,098 $ 3,108 The Company’s undiscounted reclamation liabilities of $1.9 million and $2.0 million as of December 31, 2020 and 2019, respectively, are related to the Aguila project in Mexico. These represent reclamation liabilities that were expensed through 2013 before proven and probable reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of our Property, Plant & Mine Development. The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in Property, Plant & Mine Development, post 2013 development stage status, which were discounted using a credit adjusted risk-free rate of 8%. As of December 31, 2020, and 2019, the Company’s asset retirement obligation related to the Don David Gold Mine in Mexico was $1.2 million and $1.1 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies As of December 31, 2020, the Company has equipment purchase commitments aggregating approximately $0.4 million. Other Contingencies The Company has certain other contingencies resulting from litigation, claims, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. The Company currently has no basis to conclude that any or all of such contingencies will materially affect its financial position, results of operations or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by the Company, and there can be no assurance that their ultimate disposition will not have a material adverse effect on the Company’s financial position, results of operations or cash flow. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity | |
Shareholders' Equity | 12. Shareholders’ Equity The Company declared and paid share 2020. dividends respectively share dividends share On April 3, 2018, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with an investment banking firm (“Agent”) pursuant to which the Agent agreed to act as the Company’s sales agent with respect to the offer and sale from time to time of the Company’s common stock having an aggregate gross sales price of up to $75.0 million (the “Shares”), which was subsequently renewed in June 2020. The ATM Agreement will remain in full force and effect until the earlier of (i) June 3, 2023 or (ii) the date that the ATM Agreement is terminated in accordance with its terms An aggregate of 8,421,259 shares, 6,625,588 shares, and 1,131,755 shares of the Company’s common stock were sold through the ATM Agreement during the years ended December 31, 2020, 2019 and 2018, for net proceeds to the Company, after deducting the Agent’s commissions and other expenses, of $25.8 million, $24.4 million and $4.3 million, respectively. During the year ended December 31, 2020, the Company issued 26,110 shares of its common stock at a price of $3.83 per share in connection with its purchase of the Golden Mile project. During the year ended December 31, 2019, the Company issued 25,000 shares of its common stock at a value of $3.88 per share as payment for a one |
Embedded Derivatives
Embedded Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Embedded Derivatives | |
Embedded Derivatives | 13. Embedded Derivatives Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for shipments pending final settlement. At the end of each reporting period, the Company records an adjustment to accounts receivable and revenue to reflect the mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note 18 The following table summarizes the Company’s unsettled sales contracts at December 31, 2020, with the quantities of metals under contract subject to final pricing occurring through February 2021: Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 4,469 237,252 398 1,909 4,446 Average forward price (per ounce or tonne) $ 1,872 $ 24.59 $ 7,307 $ 1,874 $ 2,634 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits | |
Employee Benefits | 14. Employee Benefits Effective October 2012, the Company adopted a profit sharing plan (the “Plan”) which covers all U.S. employees. The Plan meets the requirements of a qualified retirement plan pursuant to the provisions of Section 401(k) of the Internal Revenue Code. The Plan provides eligible employees the opportunity to make tax deferred contributions to a retirement trust account up to 45% of their qualified wages, subject to the IRS annual maximums. Any matching contribution by the Company on behalf of the employee is immediately vested; the matching contribution expense amounted to $0.1 million for each of the years ended December 31, 2020, 2019, and 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | 15. Stock-Based Compensation During 2016, the Company replaced its Amended and Restated Stock Option and Stock Grant Plan (the “Prior Plan”) with the Gold Resource Corporation 2016 Equity Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of up to , stock grants, stock units, performance shares, performance share units and performance cash. Additionally, pursuant to the terms of the Incentive Plan, shares underlying any award outstanding under the Prior Plan that is terminated, expired, forfeited, or canceled for any reason, will be available for grant under the Incentive Plan. A total of 100,000 options with a term of 10 years were granted during the year ended December 31, 2020, and will vest over a three-year period. A total of 203,181 RSUs were granted during the year ended December 31, 2020, of which 33,204 vested immediately and the remainder vest over a three-year period. Stock Options A summary of stock option activity under the Incentive Plan for the years ended December 31, 2020 and 2019 is presented below: Shares Weighted Weighted Average Aggregate Outstanding as of December 31, 2018 5,259,835 $ 8.21 4.82 $ 1,396 Granted 470,000 3.78 - Exercised (274,750) 3.95 - Expired (780,250) 5.62 - Forfeited (110,100) 4.55 - Outstanding as of December 31, 2019 4,564,735 $ 8.54 5.09 $ 4,513 Granted 100,000 3.45 - Expired (486,666) 13.82 - Forfeited (4,901) 6.57 - Outstanding as of December 31, 2020 4,173,168 $ 6.83 3.58 $ 1,324 Vested and exercisable as of December 31, 2020 3,948,933 $ 7.02 3.28 $ 1,275 The weighted-average fair value of options per share granted during the years ended December 31, 2020, 2019, and 2018 was $2.38, $1.94 and $3.04, respectively. The total intrinsic value of options exercised during the years ended December 31, 2020, 2019, and 2018, was nil, $0.2 million and $2.6 million, respectively. The total fair value of options vested during the years ended December 31, 2020, 2019 and 2018 was $1.0 million, $1.6 million and $0.9 million, respectively. In connection with the Fortitude Spin-Off, the Company reduced the exercise price for outstanding employee stock options by $1.00. No stock options were exercised during the year ended December 31, 2020. During the year ended December 31, 2019, stock options to purchase an aggregate of 274,750 shares of the Company’s common stock were exercised at a weighted average exercise price of $3.95 per share. Of that amount, 250,000 of the options were exercised on a net exercise basis, resulting in 44,698 shares being delivered. The remaining 24,750 options were exercised for cash The following table summarizes information about stock options outstanding at December 31, 2020: Outstanding Exercisable Range of Exercise Prices Number of Weighted Average Weighted Exercise Number of Weighted Exercise $1.30 - $6.25 2,983,168 4.30 $ 3.37 2,758,933 $ 3.36 $12.50 - $18.75 1,190,000 1.76 $ 15.50 1,190,000 $ 15.50 4,173,168 3.58 $ 6.83 3,948,933 $ 7.02 The assumptions used to determine the value of stock-based awards under the Black-Scholes method are summarized below: Year ended December 31, 2020 2019 2018 Risk-free interest rate 0.23 % 2.20 % 2.72 % Dividend yield 0.97 % 0.53 % 0.40 % Expected volatility 66.03 % 62.76 % 67.11 % Expected life in years 6 5 5 Restricted Stock Units A summary of RSU activity under the Incentive Plan for the years ended December 31, 2020 and 2019 is presented below: Shares Aggregate Weighted Average Nonvested as of December 31, 2018 222,754 $ 891 1.77 Granted 310,870 - Vested (121,060) - Expired - - Forfeited (11,329) - Nonvested as of December 31, 2019 401,235 $ 2,223 8.00 Granted 203,181 - Vested (238,062) - Expired - - Forfeited (16,489) - Nonvested as of December 31, 2020 349,865 $ 1,017 4.87 The weighted-average fair value per share of RSUs granted during the years ended December 31, 2020 and 2019, and 2018 was $3.78, $4.83 and $6.89 , respectively. The total intrinsic value of RSUs vested during the years ended December 31, 2020, 2019, and 2018 was $0.8 million, Stock-Based Compensation Expense Stock-based compensation expense for stock options and RSUs is as follows: Year ended December 31, 2020 2019 2018 (in thousands) Stock options $ 1,956 $ 1,458 $ 993 Restricted stock units 1,058 474 504 Restricted stock award 25 - - Total $ 3,039 $ 1,932 $ 1,497 In connection with the Fortitude Gold Spin-Off, the Company accelerated the vesting on 105,568 stock options and 127,068 RSU’s for four employees which resulted in $0.8 million of incremental stock based compensation, included in restructuring expense. Additionally, the Company reduced the exercise price for stock options by $1 for 24 employees resulting in $0.8 million of incremental stock based compensation expense. These incremental expenses are included in 2020 stock based compensation in the above table. The estimated unrecognized stock-based compensation expense from unvested options and RSUs as of December 31, 2020 was approximately $0.4 million and $1.2 million, respectively, and is expected to be recognized over the remaining vesting periods of up to three |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other (Income) Expense, Net | |
Other (Income) Expense, Net | 16. Other (Income) Expense, Net During the years ended December 31, 2020, 2019 and 2018, other expense, net consisted of the following: Year ended December 31, 2020 2019 2018 (in thousands) Unrealized currency exchange loss (gain) $ 105 $ (19) $ 230 Realized currency exchange (gain) loss (17) 252 707 Unrealized gain from gold and silver rounds/bullion, net (1) (170) (671) 134 Realized gain from sale of gold and silver rounds/bullion (1,003) - - Loss from sale of investments, net (2) - - 195 Loss on disposal of fixed assets 3 12 389 (Decrease) increase in reserve for inventory (148) 885 114 Increase in allowance for doubtful accounts receivable - - 1,360 Other expense (income) 42 5 (195) Total $ (1,188) $ 464 $ 2,934 (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. (2) During 2018, the Company wrote off the carrying value of an equity investment and recognized a loss of $195 . For additional information regarding our fair value measurements and investments, please see Note 18 . |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Net Income per Common Share | |
Net Income per Common Share | 17. Net Income per Common Share Basic income per common share is calculated based on the weighted average number of shares of common stock outstanding for the period. Diluted income per common share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common stock during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All the Company’s restricted stock units are considered to be dilutive. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 2.2 million, 4.2 million, and 3.6 million shares of common stock at weighted average exercise prices of $10.69, $8.95, and $10.44 were outstanding as of December 31, 2020, 2019, and 2018, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during those periods, and therefore were anti-dilutive. Basic and diluted net income per common share is calculated as follows: Year ended December 31, 2020 2019 2018 Numerator: Net (loss) income from continuing operations $ (6,331) $ 5,532 $ 11,874 Net income (loss) from discontinued operations $ 10,690 $ 300 $ (2,586) Net income (in thousands) $ 4,359 $ 5,832 $ 9,288 Denominator: Basic weighted average shares of common stock outstanding 69,902,708 63,681,156 57,534,830 Dilutive effect of share-based awards 783,535 351,834 834,836 Diluted weighted average common shares outstanding 70,686,243 64,032,990 58,369,666 Basic net (loss) income per common share: Continuing operations (0.09) 0.09 0.21 Discontinued operations 0.15 - (0.04) Basic net income per common share $ 0.06 $ 0.09 $ 0.17 Diluted net (loss) income per common share: Continuing operations (0.09) 0.09 0.20 Discontinued operations 0.15 - (0.04) Diluted net income per common share: $ 0.06 $ 0.09 $ 0.16 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement | |
Fair Value Measurement | 18. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity.) As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of December 31, 2020 and 2019 : 2020 2019 Input Hierarchy Level (in thousands) Cash and cash equivalents $ 25,405 $ 10,210 Level 1 Gold and silver rounds/bullion $ 671 $ 4,265 Level 1 Accounts receivable, net $ 4,226 $ 8,362 Level 2 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents consist primarily of cash deposits and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals used for investment purposes and in the dividend program which are valued using quoted market prices. Please see Note 4 December 31, 2018, the Company became aware of adverse events that affected the fair value of its non-current investment in equity securities of $0.2 million and as such, adjusted the investment to nil as of December 31, 2018. Trade accounts receivable include amounts due to the Company for deliveries of concentrates and doré sold to customers. Concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices based on the forward price curve. Because these provisionally priced sales have not yet settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. At December 31, 2020 and 2019, the Company had an unrealized gain or loss of nil and an unrealized gain of $0.2 million, respectively, included in its accounts receivable on the accompanying Consolidated Balance Sheets related to mark-to-market adjustments. Please see Note 13 Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s Consolidated Statements of Operations as shown in the following: Year ended December 31, 2020 2019 2018 Statement of Operations Classification Realized/unrealized derivative (loss) gain, net $ (47) $ 1,714 $ (4,209) Sales, net Realized/unrealized gold and silver rounds/bullion gain (loss), net $ 1,305 $ 663 $ (148) Other expense, net Investment loss $ - $ - $ (195) Other expense, net Realized/Unrealized Derivatives, net The following tables summarize the Company’s realized/unrealized derivatives, net (in thousands) Gold Silver Copper Lead Zinc Total Year ended December 31, 2020 Realized gain (loss) $ 623 $ 344 $ 35 $ (143) $ (722) $ 137 Unrealized (loss) gain (237) (244) (15) 59 253 (184) Total realized/unrealized derivatives, net $ 386 $ 100 $ 20 $ (84) $ (469) $ (47) Gold Silver Copper Lead Zinc Total Year ended December 31, 2019 Realized gain (loss) $ 318 $ 167 $ 17 $ (44) $ 965 $ 1,423 Unrealized gain (loss) 117 208 114 (64) (84) 291 Total realized/unrealized derivatives, net $ 435 $ 375 $ 131 $ (108) $ 881 $ 1,714 Gold Silver Copper Lead Zinc Total Year ended December 31, 2018 Realized loss $ (191) $ (374) $ (268) $ (788) $ (2,081) $ (3,702) Unrealized gain (loss) 222 272 (162) (39) (800) (507) Total realized/unrealized derivatives, net $ 31 $ (102) $ (430) $ (827) $ (2,881) $ (4,209) |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplementary Cash Flow Information | |
Supplementary Cash Flow Information | 19 During the years ended December 31, 2020, 2019, and 2018, other operating adjustments and write-downs within the net cash provided by operations on the Consolidated Statements of Cash Flows consisted of the following: 2020 2019 2018 (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ (170) $ (671) $ 134 Realized gain on gold and silver rounds/bullion (1,003) - - Unrealized foreign currency exchange loss (gain) 105 (19) 230 Loss on sale of investments - - 195 Loss on disposition of fixed assets 3 12 389 (Decrease) increase in reserve for inventory (148) 885 114 Change in allowance for doubtful accounts receivable - - 1,360 Stock based compensation related to restructuring 809 - - Other - 98 113 Total other operating adjustments $ (404) $ 305 $ 2,535 |
Covid-19
Covid-19 | 12 Months Ended |
Dec. 31, 2020 | |
Covid-19 | |
Covid-19 | 20. COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a new novel coronavirus (“COVID-19”) as a “pandemic”. On March 31, 2020, the Mexican government issued a national health emergency with an immediate suspension order for all “non-essential” public and private sector business (which included mining) to mitigate the spread and transmission of the COVID-19. As a result, the Company suspended its Mexico operations and production on April 1, 2020. The Mexican government designated mining as an essential business in mid-May 2020 and as a result we were given approval to restart our operations on May 27, 2020. After a ramp-up period, the Company recommenced operations with appropriate safety measures in place to guard against and mitigate the virus and its spread. As of the date of the issuance of these audited Consolidated Financial Statements, there have been no other significant impacts, including impairments, to the Company’s operations and financial statements. However, the long-term impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in business developments and shipments of product occur. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when and if needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor market conditions and respond accordingly. The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). To provide additional flexibility to respond to potential downside scenarios, the Company utilized the ATM program that was previously in place to raise approximately $ 11.9 million through the sale of common stock during the first and second quarters of 2020 to provide additional financial flexibility. The Company believes that current working capital balances will be sufficient for the foreseeable future, although there is no assurance that will be the case. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Nature of Operations | Nature of Operations Gold Resource Corporation (the “Company”) was organized under the laws of the State of Colorado on August 24, 1998. The Company is a producer of metal concentrates that contain gold, silver, copper, lead and zinc, and doré containing gold and silver at the Aguila and Alta Gracia projects in the southern state of Oaxaca, Mexico. The Aguila project includes the Arista underground mine and processing facility, which are currently in operation. The Alta Gracia project includes the Mirador underground mine which began operations in 2017. |
Spin-Off | Spin-Off On December 31, 2020, The Company completed the spin-off of its wholly-owned subsidiary, Fortitude Gold Corporation and its subsidiaries (“FGC” or “Nevada Mining Unit”), into a separate, public company The spin-off was affected by the distribution of all of the outstanding shares of FGC common stock to the Company’s shareholders (the “Distribution”). The Company’s shareholders of record as of the close of business on December 28, 2020 (the “Record Date”) received one share of FGC common stock for every 3.5 |
Basis of Presentation | Basis of Presentation The consolidated financial statements included herein are expressed in United States dollars and conform to United States generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its Mexican subsidiary, Don David Gold Mexico S.A. de C.V. (“DDGM” or “Don David Gold Mine”). Intercompany accounts and transactions have been eliminated in consolidation. |
Discontinued Operations | Discontinued Operations The Company presents discontinued operations when there is a disposal of a component group or a group of components that in its judgment represents a strategic shift that will have a major effect on its operations and financial results. The Company aggregates the results of operations for discontinued operations into a single line item in the Consolidated Statements of Operations for all periods presented. General corporate overhead is not allocated to discontinued operations. See Note 2 |
Segment Reporting | Segment Reporting Prior to the Fortitude Spin-Off, the Company had organized its operations into two geographic regions. The geographic regions included Oaxaca, Mexico and Nevada, U.S.A. and represented the Company’s operating segments. Intercompany revenue and expense amounts were eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company’s business activities that were not considered operating segments were included in Corporate and Other. For the year ended December 31, 2020, the Nevada operations are reported as Discontinued Operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation calculations; future metal prices; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpiles; estimates of fair value asset impairments; write-downs of inventory, stockpiles to net realizable value; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; and stock-based compensation. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. The reclassifications had no material effect on the Company’s results of operations or financial condition. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and are highly liquid. |
Gold and Silver Rounds/Bullion | Gold and Silver Rounds/Bullion From time to time, the Company may purchase gold and silver bullion on the open market in order to diversify its treasury and provide an option for shareholders to convert their dividends into bullion. The purchased gold and silver bullion is carried at quoted market value prices based on the daily London P.M. fix as of the balance sheet date. The Company considers bullion a highly-liquid investment. |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable consists of trade receivables, which are recorded net of allowance for doubtful accounts, from the sale of doré and metals concentrates, as well an embedded derivative based on mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note 13 Note 18 for additional information related to the embedded derivative. As of December 31, 2020 and 2019, the allowance for doubtful accounts was |
Inventories | Inventories The major inventory categories are set forth below: Stockpile Inventories : Concentrate Inventories Doré Inventory: Materials and Supplies Inventories Write-downs of inventory are charged to expense. |
IVA Taxes Receivable and Payable | IVA Taxes Receivable and Payable In Mexico, value added (“IVA”) taxes are assessed on purchases of materials and services and sales of products. Likewise, businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or credit to IVA tax payable. Amounts recorded as IVA taxes in the consolidated financial statements represent the net estimated IVA tax receivable or payable, since there is a legal right of offset of IVA taxes. |
Property, Plant and Mine Development | Property, Plant and Mine Development Land and Mineral Rights : The costs of acquiring land and mineral rights are considered tangible assets. Administrative and holding costs to maintain an exploration property are expensed as incurred. If a mineable mineral deposit is discovered, such capitalized costs are amortized when production begins using the units of production (“UOP”) method. If no mineable mineral deposit is discovered or such rights are otherwise determined to have diminished value, such costs are expensed in the period in which the determination is made. Mine Development : Drilling costs incurred during the production phase for operational ore control are recorded as mine development and allocated to inventory costs and then included as a component of production costs. All other drilling and related costs are expensed as incurred. Mine development costs are amortized using the UOP method based on estimated recoverable ounces in proven and probable reserves. Property and Equipment Construction in Progress : Expenditures for new facilities or equipment are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property and equipment to be depreciated or amortized Depreciation and Amortization Range of Lives Asset retirement costs UOP Furniture, computer and office equipment 3 to 10 years Light vehicles and other mobile equipment 4 years Machinery and equipment UOP to 4 years Mill facilities, leach pad, and related infrastructure UOP Mine development and mineral interests UOP |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. If an impairment is indicated, a determination is made whether an impairment has occurred and any impairment losses are measured as the excess of carrying value over the total discounted estimated future cash flows, or the application of an expected fair value technique in the absence of an observable market price and are charged to expense on the Company’s consolidated statements of operations. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Existing reserves and other mineralized material are included when estimating the fair value in determining whether the assets are impaired. The Company’s estimates of future cash flows are based on numerous assumptions including expected gold and other commodity prices, production levels, capital requirements and estimated salvage values. It is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital requirements are each subject to significant risks and uncertainties. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The recorded amounts of cash and cash equivalents, gold and silver rounds/bullion, receivables from provisional concentrate sales and accounts payable approximate fair value because of the short maturity of those instruments. |
Treasury Stock | Treasury Stock Treasury stock represents shares of the Company’s common stock which have been repurchased on the open market at the prevailing market price at the time of purchase and have not been cancelled. Treasury stock is shown at cost as a separate component of equity. |
Revenue recognition | Revenue Recognition The Company recognizes revenue from doré and concentrate sales. Concentrate sales of the concentrates at the quoted metal prices at the time of delivery. The embedded derivative, which does not qualify for hedge accounting, is adjusted to market through revenue each period prior to final settlement. Market changes in the prices of metals between the delivery and final settlement dates will result in adjustments to revenues related to previously recorded sales of concentrate. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated with the buyer. These charges are estimated upon delivery of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. Doré sales |
Production Costs | Production Costs Production costs include labor and benefits, royalties, concentrate and doré shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine workers, materials and supplies, repairs and maintenance, explosives, site support, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support mining operations. |
Exploration Costs | Exploration Costs Exploration costs are charged to expense as incurred. Costs to identify new mineral resources and to evaluate potential resources are considered exploration costs. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of U.S. GAAP. Those provisions require all stock-based payments, including grants of stock options and RSUs to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis in the consolidated statements of operations over the period during which services are performed in exchange for the award. The majority of the awards are earned over a service period of three years. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, and estimates of forfeitures. |
Reclamation and Remediation Costs | Reclamation and Remediation Costs Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. Reclamation obligations are based in part on when the spending for an existing environmental disturbance will occur. The Company reviews, at least on an annual basis, the reclamation obligation at each mine. Prior to 2014, the Company had been recognizing only reclamation and remediation obligations and all associated asset retirement costs were written off due to the development stage status as the Company had not been reporting its proven and probable reserves for its Don David Gold Mine. In 2014, the Company became a production stage company and therefore capitalized asset retirement costs and recorded an asset retirement obligation. Please see Note 10 Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs expected to be incurred to complete the reclamation and remediation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is presented in the consolidated statements of changes in shareholders’ equity. Accumulated other comprehensive loss is composed of foreign currency translation adjustment effects related to the historical adjustment when the functional currency was the Mexican peso for our Mexico subsidiary. This loss will remain on our consolidated balance sheet until the sale or dissolution of our Mexico subsidiary. |
Income and Mining Royalty Taxes | Income and Mining Royalty Taxes Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating loss and foreign tax credit carry-forwards using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated to determine if it is more likely than not that they will be realized. Please see Note 6 |
Net Income Per Share | Net Income Per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if potentially dilutive securities, as determined using the treasury stock method, are converted into common stock. Potentially dilutive securities are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the average fair market value of the underlying common stock. |
Foreign Currency | Foreign Currency The functional currency for all of the Company’s subsidiaries is the United States dollar (“U.S. dollar”). |
Concentration of Credit Risk | Concentration of Credit Risk The Company has considered and assessed the credit risk resulting from its concentrate sales and doré sales arrangements with its customers. In the event that the Company’s relationships with its customers are interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its metals concentrates and doré bars; however, any interruption could temporarily disrupt the Company’s sale of its products and adversely affect operating results. The Company’s Aguila and Alta Gracia projects, which are located in the State of Oaxaca, Mexico, accounted for 100% of the Company’s total net sales for the years ended December 31, 2020, 2019 and 2018, respectively. Some of the Company’s operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of the depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company’s financial position or results of operations. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Estimated Economic Lives | Range of Lives Asset retirement costs UOP Furniture, computer and office equipment 3 to 10 years Light vehicles and other mobile equipment 4 years Machinery and equipment UOP to 4 years Mill facilities, leach pad, and related infrastructure UOP Mine development and mineral interests UOP |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations | |
Schedule of discontinued operations in Company's consolidated financial statements | The carrying amount of assets and liabilities reflected as assets and liabilities of discontinued operations in the Company Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019 is as follows ( in thousands December 31, December 31, 2020 2019 ASSETS Current assets: Cash and cash equivalents $ - $ 866 Inventories, net - 10,624 Prepaid expenses and other current assets - 319 Total current assets of discontinued operations - 11,809 Property, plant and mine development, net - 60,017 Operating lease assets, net - 7,125 Deferred tax assets, net - 735 Other non-current assets - 4,985 Total assets of discontinued operations $ - $ 84,671 LIABILITIES Current liabilities: Accounts payable $ - $ 5,406 Loans payable, current - 879 Finance lease liabilities, current - 438 Operating lease liabilities, current - 7,125 Accrued expenses and other current liabilities - 443 Total current liabilities of discontinued operations - 14,291 Reclamation and remediation liabilities - 2,497 Loans payable, long-term - 782 Finance lease liabilities, long-term - 426 Total liabilities of discontinued operations $ - $ 17,996 Results of discontinued operations for the years ended December 31, 2020, 2019, and 2018 are as follows ( in thousands 2020 2019 2018 Sales, net $ 53,967 $ 15,065 $ - Mine cost of sales 37,784 14,582 - Mine gross profit 16,183 483 - Exploration expenses 2,649 932 2,315 Other expense, net 838 168 177 Provision (benefit) for income taxes 2,006 (917) 94 Net income (loss) from discontinued operations $ 10,690 $ 300 $ (2,586) Selected Statements of Cash Flows presenting depreciation and amortization, capital expenditures, sale proceeds and significant operating noncash items of FGC were as follows: 2020 2019 2018 Cash flows from discontinued operating activities: Net income (loss) $ 10,690 $ 300 $ (2,586) Adjustments to reconcile net income to net cash from operating activities: Deferred income taxes (224) (917) 94 Depreciation and amortization 10,377 4,022 78 Other operating adjustments 48 17 - Changes in operating assets and liabilities: Accounts receivable (145) - - Inventories (2,300) (6,490) (721) Prepaid expenses and other current assets (1,670) 346 (192) Other non-current assets (2,085) (3,600) 130 Accounts payable and other accrued liabilities (1,707) 3,617 126 Mining royalty and income taxes payable, net 1,200 - - Net cash provided by (used in) discontinued operating activities 14,184 (2,705) (3,071) Cash flows from discontinued investing activities: Capital expenditures (6,488) (22,538) (16,028) Net cash used in discontinued investing activities (6,488) (22,538) (16,028) Cash flows from discontinued financing activities: Other financing activities (452) (2,019) (909) Net cash used in discontinued financing activities (452) (2,019) (909) Supplemental Cash Flow Information Discontinued Operations Non-cash investing activities: Change in capital expenditures in accounts payable $ (1,544) $ (1,174) $ - Change in estimate for asset retirement costs $ 1,159 $ 1,726 $ 704 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Revenue from the sale of dore and concentrate | Year ended December 31, 2020 2019 2018 (in thousands) Doré sales, net Gold $ 8,719 $ 6,763 $ 6,250 Silver 2,774 2,439 1,348 Less: Refining charges (233) (171) (118) Total doré sales, net 11,260 9,031 7,480 Concentrate sales Gold 22,145 27,184 22,750 Silver 20,391 21,347 22,972 Copper 9,387 9,930 9,919 Lead 12,012 16,116 15,100 Zinc 36,451 48,804 46,743 Less: Treatment and refining charges (20,907) (13,825) (5,447) Total concentrate sales, net 79,479 109,556 112,037 Realized/unrealized embedded derivative, net (47) 1,714 (4,209) Total sales, net $ 90,692 $ 120,301 115,308 |
Gold and Silver Rounds_Bullion
Gold and Silver Rounds/Bullion (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Gold and Silver Rounds/Bullion | |
Schedule of Company's Holdings | 2020 2019 Ounces Per Ounce Amount Ounces Per Ounce Amount (in thousands) (in thousands) Gold 189 $ 1,888 $ 357 1,866 $ 1,515 $ 2,827 Silver 11,842 $ 26.49 314 79,662 $ 18.05 1,438 Total holdings $ 671 $ 4,265 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories | |
Summary of Inventories | 2020 2019 (in thousands) Stockpiles - underground mine $ 648 $ 3,968 Stockpiles - open pit mine 41 97 Concentrates 1,919 1,340 Doré, (1) 459 840 Subtotal - product inventories 3,067 6,245 Materials and supplies (2) 6,928 7,262 Total $ 9,995 $ 13,507 (1) Net of reserve of $368 and $478 as of December 31, 2020 and 2019, respectively. (2) Net of reserve for obsolescence of $209 and $1,264 as of December 31, 2020 and 2019, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Components of net income before income taxes and extraordinary item | Years Ended December 31, 2020 2019 2018 (in thousands) U.S. Operations $ (7,196) $ (6,338) $ (6,886) Foreign Operations, Mexico 6,438 21,837 25,929 Total income before income taxes $ (758) $ 15,499 $ 19,043 |
Calculation of Income Taxes Provision | Years ended December 31, 2020 2019 2018 (in thousands) Current taxes: Federal $ - $ - $ - Foreign 3,294 6,210 7,764 Total current taxes $ 3,294 $ 6,210 $ 7,764 Deferred taxes: Federal $ 2,999 $ 1,881 $ (1,787) Foreign (720) 1,876 1,192 Total deferred taxes $ 2,279 $ 3,757 $ (595) Total income tax provision $ 5,573 $ 9,967 $ 7,169 |
Differences between provision for income taxes and income tax determined | Years Ended December 31, 2020 2019 2018 (in thousands) Tax at statutory rates $ (159) $ 3,255 $ 3,999 Foreign rate differential 558 1,969 2,303 GILTI Inclusion (886) 2,173 - Changes in deferred tax assets 3,919 277 - Mexico mining tax 280 1,126 1,244 Foreign exchange 866 255 (495) Other 995 912 118 Tax provision $ 5,573 $ 9,967 $ 7,169 |
Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets | At December 31, 2020 2019 (in thousands) Non-current deferred tax assets: Tax loss carryforward - U.S. $ 2,190 $ 2,268 Property and equipment 10,355 10,930 Share-based compensation 4,018 4,058 Foreign tax credits 4,089 4,364 Inventory 79 485 Other 1,488 1,261 Total deferred tax assets 22,219 23,366 Valuation allowance (10,592) (7,068) Deferred tax assets after valuation allowance $ 11,627 $ 16,298 Deferred tax liability – Property, plant and mine development (11,318) (12,398) Net deferred tax asset $ 309 $ 3,900 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses And Other Current Assets | |
Schedule of prepaid and other assets | 2020 2019 (in thousands) Advances to suppliers $ 374 $ 109 Prepaid insurance 709 1,200 IVA taxes receivable, net 846 245 Prepaid royalties - 127 Other current assets 647 343 Total $ 2,576 $ 2,024 |
Property, Plant and Mine Deve_2
Property, Plant and Mine Development, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Mine Development, net | |
Schedule of property, plant and mine development | 2020 2019 (in thousands) Asset retirement costs $ 1,064 $ 982 Construction-in-progress (1) 7,158 2,421 Furniture and office equipment 1,839 1,812 Land 230 230 Light vehicles and other mobile equipment 2,192 2,120 Machinery and equipment 31,227 29,316 Mill facilities and infrastructure 24,407 23,854 Mine Development 83,859 79,041 Software and licenses 1,619 1,594 Subtotal (2) 153,595 141,370 Accumulated depreciation and amortization (91,084) (76,128) Total $ 62,511 $ 65,242 (1) Primarily related to the dry stack filtration plant. (2) Includes capital expenditures in accounts payable of $1.0 million and $1.6 at December 31, 2020 and 2019, respectively. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of Accrued Expenses and Other Current Liabilities | 2020 2019 (in thousands) Accrued insurance $ - $ 452 Accrued royalty payments 1,796 2,086 Dividends payable 247 219 Other payables 232 345 Total $ 2,275 $ 3,102 |
Reclamation and Remediation (Ta
Reclamation and Remediation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reclamation and Remediation | |
Changes in Reclamation and Remediation | 2020 2019 (in thousands) Reclamation liabilities – balance at beginning of period $ 2,003 $ 1,916 Foreign currency exchange (gain) loss (113) 87 Reclamation liabilities – balance at end of period 1,890 2,003 Asset retirement obligation – balance at beginning of period 1,105 586 Changes in estimate 82 443 Accretion 79 48 Foreign currency exchange (gain) loss (58) 28 Asset retirement obligation – balance at end of period 1,208 1,105 Total period end balance $ 3,098 $ 3,108 |
Embedded Derivatives (Tables)
Embedded Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Embedded Derivatives | |
Summary of unsettled sales contracts | Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 4,469 237,252 398 1,909 4,446 Average forward price (per ounce or tonne) $ 1,872 $ 24.59 $ 7,307 $ 1,874 $ 2,634 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation | |
Schedule of Share-based Compensation, Stock Options, Activity | Shares Weighted Weighted Average Aggregate Outstanding as of December 31, 2018 5,259,835 $ 8.21 4.82 $ 1,396 Granted 470,000 3.78 - Exercised (274,750) 3.95 - Expired (780,250) 5.62 - Forfeited (110,100) 4.55 - Outstanding as of December 31, 2019 4,564,735 $ 8.54 5.09 $ 4,513 Granted 100,000 3.45 - Expired (486,666) 13.82 - Forfeited (4,901) 6.57 - Outstanding as of December 31, 2020 4,173,168 $ 6.83 3.58 $ 1,324 Vested and exercisable as of December 31, 2020 3,948,933 $ 7.02 3.28 $ 1,275 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Outstanding Exercisable Range of Exercise Prices Number of Weighted Average Weighted Exercise Number of Weighted Exercise $1.30 - $6.25 2,983,168 4.30 $ 3.37 2,758,933 $ 3.36 $12.50 - $18.75 1,190,000 1.76 $ 15.50 1,190,000 $ 15.50 4,173,168 3.58 $ 6.83 3,948,933 $ 7.02 |
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards | Year ended December 31, 2020 2019 2018 Risk-free interest rate 0.23 % 2.20 % 2.72 % Dividend yield 0.97 % 0.53 % 0.40 % Expected volatility 66.03 % 62.76 % 67.11 % Expected life in years 6 5 5 |
Schedule of RSU activity under the Incentive Plan | Shares Aggregate Weighted Average Nonvested as of December 31, 2018 222,754 $ 891 1.77 Granted 310,870 - Vested (121,060) - Expired - - Forfeited (11,329) - Nonvested as of December 31, 2019 401,235 $ 2,223 8.00 Granted 203,181 - Vested (238,062) - Expired - - Forfeited (16,489) - Nonvested as of December 31, 2020 349,865 $ 1,017 4.87 |
Stock-based compensation expense | Year ended December 31, 2020 2019 2018 (in thousands) Stock options $ 1,956 $ 1,458 $ 993 Restricted stock units 1,058 474 504 Restricted stock award 25 - - Total $ 3,039 $ 1,932 $ 1,497 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other (Income) Expense, Net | |
Schedule of Other Expense, net | Year ended December 31, 2020 2019 2018 (in thousands) Unrealized currency exchange loss (gain) $ 105 $ (19) $ 230 Realized currency exchange (gain) loss (17) 252 707 Unrealized gain from gold and silver rounds/bullion, net (1) (170) (671) 134 Realized gain from sale of gold and silver rounds/bullion (1,003) - - Loss from sale of investments, net (2) - - 195 Loss on disposal of fixed assets 3 12 389 (Decrease) increase in reserve for inventory (148) 885 114 Increase in allowance for doubtful accounts receivable - - 1,360 Other expense (income) 42 5 (195) Total $ (1,188) $ 464 $ 2,934 (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. (2) During 2018, the Company wrote off the carrying value of an equity investment and recognized a loss of $195 . For additional information regarding our fair value measurements and investments, please see Note 18 . |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Income per Common Share | |
Net Income Per Share | Year ended December 31, 2020 2019 2018 Numerator: Net (loss) income from continuing operations $ (6,331) $ 5,532 $ 11,874 Net income (loss) from discontinued operations $ 10,690 $ 300 $ (2,586) Net income (in thousands) $ 4,359 $ 5,832 $ 9,288 Denominator: Basic weighted average shares of common stock outstanding 69,902,708 63,681,156 57,534,830 Dilutive effect of share-based awards 783,535 351,834 834,836 Diluted weighted average common shares outstanding 70,686,243 64,032,990 58,369,666 Basic net (loss) income per common share: Continuing operations (0.09) 0.09 0.21 Discontinued operations 0.15 - (0.04) Basic net income per common share $ 0.06 $ 0.09 $ 0.17 Diluted net (loss) income per common share: Continuing operations (0.09) 0.09 0.20 Discontinued operations 0.15 - (0.04) Diluted net income per common share: $ 0.06 $ 0.09 $ 0.16 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement | |
Assets measured at fair value by level within fair value hierarchy | 2020 2019 Input Hierarchy Level (in thousands) Cash and cash equivalents $ 25,405 $ 10,210 Level 1 Gold and silver rounds/bullion $ 671 $ 4,265 Level 1 Accounts receivable, net $ 4,226 $ 8,362 Level 2 |
Gains and Losses Related to Changes in Fair Value | Year ended December 31, 2020 2019 2018 Statement of Operations Classification Realized/unrealized derivative (loss) gain, net $ (47) $ 1,714 $ (4,209) Sales, net Realized/unrealized gold and silver rounds/bullion gain (loss), net $ 1,305 $ 663 $ (148) Other expense, net Investment loss $ - $ - $ (195) Other expense, net |
Realized and Unrealized Gain Losses on Derivatives | Gold Silver Copper Lead Zinc Total Year ended December 31, 2020 Realized gain (loss) $ 623 $ 344 $ 35 $ (143) $ (722) $ 137 Unrealized (loss) gain (237) (244) (15) 59 253 (184) Total realized/unrealized derivatives, net $ 386 $ 100 $ 20 $ (84) $ (469) $ (47) Gold Silver Copper Lead Zinc Total Year ended December 31, 2019 Realized gain (loss) $ 318 $ 167 $ 17 $ (44) $ 965 $ 1,423 Unrealized gain (loss) 117 208 114 (64) (84) 291 Total realized/unrealized derivatives, net $ 435 $ 375 $ 131 $ (108) $ 881 $ 1,714 Gold Silver Copper Lead Zinc Total Year ended December 31, 2018 Realized loss $ (191) $ (374) $ (268) $ (788) $ (2,081) $ (3,702) Unrealized gain (loss) 222 272 (162) (39) (800) (507) Total realized/unrealized derivatives, net $ 31 $ (102) $ (430) $ (827) $ (2,881) $ (4,209) |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplementary Cash Flow Information | |
Schedule of Supplementary Cash Flow Information | 2020 2019 2018 (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ (170) $ (671) $ 134 Realized gain on gold and silver rounds/bullion (1,003) - - Unrealized foreign currency exchange loss (gain) 105 (19) 230 Loss on sale of investments - - 195 Loss on disposition of fixed assets 3 12 389 (Decrease) increase in reserve for inventory (148) 885 114 Change in allowance for doubtful accounts receivable - - 1,360 Stock based compensation related to restructuring 809 - - Other - 98 113 Total other operating adjustments $ (404) $ 305 $ 2,535 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Nature Of Operations [Line Items] | |||
Stock split conversion ratio | 0.2857 | ||
Allowance for doubtful accounts | $ 0 | $ 1.4 | |
Concentrate sale percentage based on provisional sales price | 100.00% | ||
Awards earned over period | 3 years | ||
Sales Revenue [Member] | |||
Nature Of Operations [Line Items] | |||
Concentration risk | 100.00% | 100.00% | 100.00% |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Estimated Economic Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Furniture, computer and office equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life | 3 years |
Furniture, computer and office equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life | 10 years |
Light vehicles and other mobile equipment | |
Property Plant And Equipment [Line Items] | |
Useful life | 4 years |
Machinery and equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life | 4 years |
Discontinued Operations - Carry
Discontinued Operations - Carrying amount of assets and liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Current assets: | |
Total current assets of discontinued operations | $ 11,809 |
Current liabilities: | |
Total current liabilities of discontinued operations | 14,291 |
Fortitude Gold Corporation and Subsidiaries | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |
Current assets: | |
Cash and cash equivalents | 866 |
Inventories, net | 10,624 |
Prepaid expenses and other current assets | 319 |
Total current assets of discontinued operations | 11,809 |
Property, plant and mine development, net | 60,017 |
Operating lease assets, net | 7,125 |
Deferred tax assets, net | 735 |
Other non-current assets | 4,985 |
Total assets of discontinued operations | 84,671 |
Current liabilities: | |
Accounts payable | 5,406 |
Loans payable, current | 879 |
Finance lease liabilities, current | 438 |
Operating lease liabilities, current | 7,125 |
Accrued expenses and other current liabilities | 443 |
Total current liabilities of discontinued operations | 14,291 |
Reclamation and remediation liabilities | 2,497 |
Loans payable, long-term | 782 |
Finance lease liabilities, long-term | 426 |
Total liabilities of discontinued operations | $ 17,996 |
Discontinued Operations - Resul
Discontinued Operations - Results of discontinued operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income (loss) from discontinued operations | $ 10,690 | $ 300 | $ (2,586) |
Fortitude Gold Corporation and Subsidiaries | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sales, net | 53,967 | 15,065 | |
Mine cost of sales | 37,784 | 14,582 | |
Mine gross profit | 16,183 | 483 | |
Exploration expenses | 2,649 | 932 | 2,315 |
Other expense, net | 838 | 168 | 177 |
Provision (benefit) for income taxes | 2,006 | (917) | 94 |
Net income (loss) from discontinued operations | $ 10,690 | $ 300 | $ (2,586) |
Discontinued Operations - Selec
Discontinued Operations - Selected Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from discontinued operating activities: | |||
Net income (loss) from discontinued operations | $ 10,690 | $ 300 | $ (2,586) |
Changes in operating assets and liabilities: | |||
Net cash provided by (used in) discontinued operating activities | 14,184 | (2,705) | (3,071) |
Cash flows from discontinued investing activities: | |||
Net cash used in discontinued investing activities | (6,488) | (22,538) | (16,028) |
Cash flows from discontinued financing activities: | |||
Cash transferred from Gold Resource Corporation at Spin-Off | (27,774) | ||
Fortitude Gold Corporation and Subsidiaries | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||
Cash flows from discontinued operating activities: | |||
Net income (loss) from discontinued operations | 10,690 | 300 | (2,586) |
Adjustments to reconcile net income to net cash from operating activities: | |||
Deferred income taxes | (224) | (917) | 94 |
Depreciation and amortization | 10,377 | 4,022 | 78 |
Other operating adjustments | 48 | 17 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (145) | ||
Inventories | (2,300) | (6,490) | (721) |
Prepaid expenses and other current assets | (1,670) | 346 | (192) |
Other non-current assets | (2,085) | (3,600) | 130 |
Accounts payable and other accrued liabilities | (1,707) | 3,617 | 126 |
Mining royalty and income taxes payable, net | 1,200 | ||
Net cash provided by (used in) discontinued operating activities | 14,184 | (2,705) | (3,071) |
Cash flows from discontinued investing activities: | |||
Capital expenditures | 6,488 | 22,538 | 16,028 |
Net cash used in discontinued investing activities | (6,488) | (22,538) | (16,028) |
Cash flows from discontinued financing activities: | |||
Repayment of finance leases | (452) | (2,019) | (909) |
Net cash provided by discontinued financing activities | (452) | (2,019) | (909) |
Non-cash investing activities: | |||
Change in capital expenditures in accounts payable | (1,544) | (1,174) | |
Change in estimate for asset retirement costs | $ 1,159 | $ 1,726 | $ 704 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Realized/unrealized embedded derivative, net | $ (47) | $ 1,714 | $ (4,209) |
Total sales, net | 90,692 | 120,301 | 115,308 |
Dore | |||
Disaggregation of Revenue [Line Items] | |||
Less: Treatment and refining charges | (233) | (171) | (118) |
Total sales, net | 11,260 | 9,031 | 7,480 |
Gold Dore | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 8,719 | 6,763 | 6,250 |
Silver Dore | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 2,774 | 2,439 | 1,348 |
Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Less: Treatment and refining charges | (20,907) | (13,825) | (5,447) |
Total sales, net | 79,479 | 109,556 | 112,037 |
Gold Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 22,145 | 27,184 | 22,750 |
Silver Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 20,391 | 21,347 | 22,972 |
Copper Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 9,387 | 9,930 | 9,919 |
Lead Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | 12,012 | 16,116 | 15,100 |
Zinc Concentrate | |||
Disaggregation of Revenue [Line Items] | |||
Total sales, net | $ 36,451 | $ 48,804 | $ 46,743 |
Gold and Silver Rounds_Bullio_2
Gold and Silver Rounds/Bullion (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)oz$ / oz | Dec. 31, 2019USD ($)oz$ / oz | |
Schedule of Investments [Line Items] | ||
Total carrying value | $ | $ 671 | $ 4,265 |
Gold | ||
Schedule of Investments [Line Items] | ||
Ounces sold | oz | 1,641 | |
Ounces | oz | 189 | 1,866 |
Carrying value per ounce | $ / oz | 1,888 | 1,515 |
Total carrying value | $ | $ 357 | $ 2,827 |
Silver | ||
Schedule of Investments [Line Items] | ||
Ounces sold | oz | 67,560 | |
Ounces | oz | 11,842 | 79,662 |
Carrying value per ounce | $ / oz | 26.49 | 18.05 |
Total carrying value | $ | $ 314 | $ 1,438 |
Gold and Silver | ||
Schedule of Investments [Line Items] | ||
Other Income | $ | $ 1,000 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockpiles - underground mine | $ 648 | $ 3,968 | |
Stockpiles - open pit mine | 41 | 97 | |
Concentrates | 1,919 | 1,340 | |
Dore | [1] | 459 | 840 |
Subtotal - product inventories | 3,067 | 6,245 | |
Materials and supplies | [2] | 6,928 | 7,262 |
Total | 9,995 | 13,507 | |
Dore | |||
Inventory reserve | 368 | 478 | |
Materials And Supplies | |||
Inventory reserve | $ 209 | $ 1,264 | |
[1] | Net of reserve of $368 and $478 as of December 31, 2020 and 2019, respectively. | ||
[2] | Net of reserve for obsolescence of $209 and $1,264 as of December 31, 2020 and 2019, respectively. |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Withholding tax on dividends | 10.00% | ||
Dividend withholding tax between countries | 5.00% | ||
Dividend Withholding Tax Amount Between Countries | $ 200 | $ 400 | $ 400 |
MITL corporate income tax rate | 30.00% | ||
MITL royalty tax on mining concessions | 7.50% | ||
Royalty fee as percent of gross revenue | 0.50% | ||
Valuation allowance | $ 10,592 | 7,068 | |
Income tax (benefit) expense | 5,573 | 9,967 | $ 7,169 |
Deferred tax assets | 22,219 | 23,366 | |
Liability for uncertain tax positions | 0 | $ 0 | |
Colorado | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | 34,100 | ||
Tax credit carryforward tax affected | $ 1,600 | ||
Global Intangible Low Taxed Income [Member] | |||
Income Taxes [Line Items] | |||
Portion of U.S. tax rate | 90.00% | ||
Prior year GILTI tax expense | $ 900 | ||
Between 2023 And 2026 [Member] | Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | 4,100 | ||
Between 2021 and 2024 [Member] | Federal | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | 1,400 | ||
Tax credit carryforward tax affected | 300 | ||
Between 2021 and 2037 [Member] | Federal | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | 30,800 | ||
No Expiration [Member] | Federal | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | 3,000 | ||
Tax credit carryforward tax affected | 600 | ||
No Expiration [Member] | Colorado | |||
Income Taxes [Line Items] | |||
Operating loss carry-forward | $ 3,300 |
Income Taxes - U.S. And Foreign
Income Taxes - U.S. And Foreign Components Of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
U.S. Operations | $ (7,196) | $ (6,338) | $ (6,886) |
Foreign Operations, Mexico | 6,438 | 21,837 | 25,929 |
(Loss) income before income taxes | $ (758) | $ 15,499 | $ 19,043 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Foreign Current Taxes | $ 3,294 | $ 6,210 | $ 7,764 |
Total current taxes | 3,294 | 6,210 | 7,764 |
Federal Deferred Taxes | 2,999 | 1,881 | (1,787) |
Foreign Deferred Taxes | (720) | 1,876 | 1,192 |
Total deferred taxes | 2,279 | 3,757 | (595) |
Total income tax provision | $ 5,573 | $ 9,967 | $ 7,169 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Taxes Reported At Company's Tax Rate And U.S. Federal Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Tax at statutory rates | $ (159) | $ 3,255 | $ 3,999 |
Foreign rate differential | 558 | 1,969 | 2,303 |
GILTI Inclusion | (886) | 2,173 | |
Changes in deferred tax assets | 3,919 | 277 | |
Mexico mining tax | 280 | 1,126 | 1,244 |
Foreign exchange | 866 | 255 | (495) |
Other | 995 | 912 | 118 |
Total income tax provision | $ 5,573 | $ 9,967 | $ 7,169 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | ||
Tax loss carryforward - U.S. | $ 2,190 | $ 2,268 |
Property and equipment | 10,355 | 10,930 |
Stock-based compensation | 4,018 | 4,058 |
Foreign tax credits | 4,089 | 4,364 |
Inventory | 79 | 485 |
Other | 1,488 | 1,261 |
Total deferred tax assets | 22,219 | 23,366 |
Valuation allowance | (10,592) | (7,068) |
Deferred tax assets after valuation allowance | 11,627 | 16,298 |
Deferred tax liability - Property, plant and mine development | (11,318) | (12,398) |
Net deferred tax asset | $ 309 | $ 3,900 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expenses And Other Current Assets | ||
Advances to suppliers | $ 374 | $ 109 |
Prepaid insurance | 709 | 1,200 |
IVA taxes receivable, net | 846 | 245 |
Prepaid royalties | 127 | |
Other current assets | 647 | 343 |
Total | $ 2,576 | $ 2,024 |
Property, Plant and Mine Deve_3
Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, equipment and mine development - net | |||
Property and equipment, gross | [1] | $ 153,595 | $ 141,370 |
Accumulated depreciation and amortization | (91,084) | (76,128) | |
Total property, equipment and mine development - net | 62,511 | 65,242 | |
Accrued capital expenditures | 1,000 | 1,600 | |
Asset retirement costs | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 1,064 | 982 | |
Construction-in-progress | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | [2] | 7,158 | 2,421 |
Furniture and office equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 1,839 | 1,812 | |
Land | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 230 | 230 | |
Light vehicles and other mobile equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 2,192 | 2,120 | |
Machinery and equipment | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 31,227 | 29,316 | |
Mill facilities and infrastructure | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 24,407 | 23,854 | |
Mine Development | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | 83,859 | 79,041 | |
Software and licenses | |||
Property, equipment and mine development - net | |||
Property and equipment, gross | $ 1,619 | $ 1,594 | |
[1] | Includes capital expenditures in accounts payable of $1.0 million and $1.6 at December 31, 2020 and 2019, respectively. | ||
[2] | Primarily related to the dry stack filtration plant. |
Property, Plant and Mine Deve_4
Property, Plant and Mine Development, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Mine Development, net | |||
Depreciation and amortization expense | $ 17,601 | $ 19,917 | $ 15,091 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses and Other Current Liabilities | ||
Accrued insurance | $ 452 | |
Accrued royalty payments | $ 1,796 | 2,086 |
Dividends payable | 247 | 219 |
Other payables | 232 | 345 |
Total | $ 2,275 | $ 3,102 |
Reclamation and Remediation (De
Reclamation and Remediation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis | ||
Reclamation liabilities - balance at beginning of period | $ 2,003 | $ 1,916 |
Foreign currency exchange (gain) loss | (113) | 87 |
Reclamation liabilities - balance at end of period | 1,890 | 2,003 |
Asset retirement obligation - balance at beginning of period | 1,105 | 586 |
Changes in estimate | 82 | 443 |
Accretion | 79 | 48 |
Foreign currency exchange (gain) loss | (58) | 28 |
Asset retirement obligation - balance at end of period | 1,208 | 1,105 |
Total period end balance | 3,098 | 3,108 |
Aguila Project | ||
Asset Retirement Obligation, Roll Forward Analysis | ||
Reclamation liabilities - balance at beginning of period | 2,000 | |
Reclamation liabilities - balance at end of period | $ 1,900 | $ 2,000 |
Reclamation and Remediation - N
Reclamation and Remediation - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Asset Retirement Obligation | $ 1,208 | $ 1,105 | $ 586 |
Reclamation and remediation discount rate | 8.00% | ||
Reclamation Liabilities | $ 1,890 | 2,003 | $ 1,916 |
Aguila Project | |||
Reclamation Liabilities | 1,900 | 2,000 | |
Don David Gold Mine | |||
Asset Retirement Obligation | $ 1,200 | $ 1,100 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies | |
Equipment purchase commitments | $ 0.4 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 | |
Value of shares issued | $ 25,895 | $ 24,546 | $ 4,319 | |
Dividends paid | 2,800 | 1,200 | ||
Dividends | $ 2,819 | $ 1,612 | $ 1,152 | |
Period for consulting agreement | 1 year | |||
Cash dividend rate declared, per common share | $ 0.04 | $ 0.03 | $ 0.02 | |
Share issue price ( in dollars per share) | 3.88 | |||
Cash dividend rate paid, per common share | $ 0.04 | $ 0.03 | $ 0.02 | |
Shares issued as payment for third-party agreement | 25,000 | |||
Dividend One [Member] | ||||
Dividends paid | $ 1,600 | |||
Dividends | 1,600 | |||
Dividend Two [Member] | ||||
Dividends paid | 1,500 | |||
Dividends | $ 1,500 | |||
ATM Agreement | ||||
Sale of shares | 8,421,259 | 6,625,588 | 1,131,755 | |
Value of shares issued | $ 25,800 | $ 24,400 | $ 4,300 | |
Golden Mile project | ||||
Common stock issued for the acquisition of mineral properties (in share) | 26,110 | |||
Share issue price ( in dollars per share) | $ 3.83 | |||
Maximum | ATM Agreement | ||||
Common stock aggregate gross sales price | $ 75,000 |
Embedded Derivatives (Details)
Embedded Derivatives (Details) | 12 Months Ended |
Dec. 31, 2020$ / tozt | |
Gold | |
Embedded Derivative [Line Items] | |
Under contract | 4,469 |
Average forward price | 1,872 |
Silver | |
Embedded Derivative [Line Items] | |
Under contract | 237,252 |
Average forward price | 24.59 |
Copper | |
Embedded Derivative [Line Items] | |
Under contract | t | 398 |
Average forward price | $ / t | 7,307 |
Lead | |
Embedded Derivative [Line Items] | |
Under contract | t | 1,909 |
Average forward price | $ / t | 1,874 |
Zinc | |
Embedded Derivative [Line Items] | |
Under contract | t | 4,446 |
Average forward price | $ / t | 2,634 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Matching contribution expense | $ 0.1 | $ 0.1 | $ 0.1 |
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan maximum percentage amount of the employee's gross pay that the employee can contribute | 45.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)employee$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | |
Equity Incentive plan shares for issuance authorized | 5,000,000 | ||
Options granted | 100,000 | 470,000 | |
Exercise period | 10 years | ||
Weighted-average grant date fair value of options granted | $ / shares | $ 2.38 | $ 1.94 | $ 3.04 |
Intrinsic value of shares | $ | $ 0 | $ 200,000 | $ 2,600,000 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 3.95 | ||
Fair value | $ | $ 1,000,000 | $ 1,600,000 | 900,000 |
Number of stock options exercised | 0 | 274,750 | |
Reduction of share price per share | $ / shares | $ 1 | ||
Number of shares exercised on a net exercise basis | 250,000 | ||
Number of shares exercised and delivered | 44,698 | ||
Number of shares exercised for cash | 24,750 | ||
Proceeds from the exercise of stock options | $ | $ 98,000 | 1,261,000 | |
Vesting period | 3 years | ||
Stock-based compensation | $ | $ 2,230,000 | $ 1,932,000 | $ 1,497,000 |
Estimated unrecognized compensation expense | $ | $ 400,000 | ||
Twenty Four Employees | |||
Number of employees | employee | 24 | ||
Stock-based compensation | $ | $ 800,000 | ||
Exercise price for stock options reduced | $ / shares | $ 1 | ||
Spinoff | |||
Number of options that vested | 105,568 | ||
Vested (in shares) | 127,068 | ||
Spinoff | Four Employees | |||
Number of employees | employee | 4 | ||
Stock-based compensation | $ | $ 800,000 | ||
Restricted Stock Units (RSUs) | |||
Vested (in shares) | 238,062 | 121,060 | |
Restricted stock units, granted | 203,181 | 310,870 | |
Estimated unrecognized compensation expense | $ | $ 1,200,000 | ||
RSU vesting period | 3 years | ||
Restricted Stock Units (RSUs) | 6 Months Vested | |||
Vested (in shares) | 33,204 | ||
Restricted Stock Units (RSUs) | 3 Year Vested | |||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, Beginning Balance (in shares) | 4,564,735 | 5,259,835 | |
Granted (in shares) | 100,000 | 470,000 | |
Stock option exercised (in shares) | 0 | (274,750) | |
Expired (in shares) | (486,666) | (780,250) | |
Forfeited (in shares) | (4,901) | (110,100) | |
Outstanding, Ending Balance (in shares) | 4,173,168 | 4,564,735 | 5,259,835 |
Vested and exercisable as of December 31, 2015 (in shares) | 3,948,933 | ||
Weighted Average Exercise Price | |||
Outstanding Weighted Average Exercise Price, Beginning Balance | $ 8.54 | $ 8.21 | |
Weighted Average Exercise Price, Granted | 3.45 | 3.78 | |
Weighted Average Exercise Price, Exercised | 3.95 | ||
Weighted Average Exercise Price, Expired | 13.82 | 5.62 | |
Weighted Average Exercise Price, Forfeited | 6.57 | 4.55 | |
Outstanding Weighted Average Exercise Price, Ending Balance | 6.83 | $ 8.54 | $ 8.21 |
Weighted Average Exercise Price, Vested and exercisable as of end of period | $ 7.02 | ||
Weighted -Average Remaining contractual Term (in years) | |||
Weighted Average Remaining Contractual Term (in years), Outstanding as Beginning of period | 3 years 6 months 29 days | 5 years 1 month 2 days | 4 years 9 months 25 days |
Weighted Average Remaining Contractual Term (in years), Outstanding as of end of period | 3 years 6 months 29 days | 5 years 1 month 2 days | 4 years 9 months 25 days |
Weighted Average Remaining Contractual Term (in years), Vested and exercisable as of end of period | 3 years 3 months 10 days | ||
Additional disclosures | |||
Aggregate Intrinsic Value, Outstanding as of beginning of period | $ 4,513 | $ 1,396 | |
Aggregate Intrinsic Value, Outstanding as of end of period | 1,324 | $ 4,513 | $ 1,396 |
Aggregate Intrinsic Value, Vested and exercisable as of end of period | $ 1,275 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Options by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options | shares | 4,173,168 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 3 years 6 months 29 days |
Outstanding Weighted Average Exercise Price (per share) | $ 6.83 |
Exercisable Number of Options | shares | 3,948,933 |
Exercisable Weighted Average Exercise Price (per share) | $ 7.02 |
$1.30 - $6.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options exercise price range, lower limit | 1.30 |
Stock options exercise price range, upper limit | $ 6.25 |
Outstanding Number of Options | shares | 2,983,168 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 4 years 3 months 18 days |
Outstanding Weighted Average Exercise Price (per share) | $ 3.37 |
Exercisable Number of Options | shares | 2,758,933 |
Exercisable Weighted Average Exercise Price (per share) | $ 3.36 |
$12.50 - $18.75 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options exercise price range, lower limit | 12.50 |
Stock options exercise price range, upper limit | $ 18.75 |
Outstanding Number of Options | shares | 1,190,000 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 1 year 9 months 3 days |
Outstanding Weighted Average Exercise Price (per share) | $ 15.50 |
Exercisable Number of Options | shares | 1,190,000 |
Exercisable Weighted Average Exercise Price (per share) | $ 15.50 |
Stock-Based Compensation - Blac
Stock-Based Compensation - Black-Scholes Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation | |||
Risk-free interest rate | 0.23% | 2.20% | 2.72% |
Dividend yield | 0.97% | 0.53% | 0.40% |
Expected volatility | 66.03% | 62.76% | 67.11% |
Expected life in years | 6 years | 5 years | 5 years |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of RSU activity under Incentive Plan (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, Beginning Balance (in shares) | 401,235 | 222,754 | |
Number of RSUs Granted | 203,181 | 310,870 | |
Vested (in shares) | (238,062) | (121,060) | |
Forfeited (in shares) | (16,489) | (11,329) | |
Nonvested, Ending Balance | 349,865 | 401,235 | 222,754 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Exercise Price, Granted (per share) | $ 3.78 | $ 4.83 | $ 6.89 |
Total intrinsic value | $ 800 | $ 400 | $ 500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Weighted Average Remaining Contractual Term (in years) | 4 years 10 months 13 days | 8 years | 1 year 9 months 7 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Aggregate Intrinsic Value, Outstanding | $ 1,017 | $ 2,223 | $ 891 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock options | $ 1,956 | $ 1,458 | $ 993 |
Restricted stock units | 1,058 | 474 | 504 |
Total | 3,039 | ||
Total stock-based compensation | 2,230 | $ 1,932 | $ 1,497 |
Restricted Stock Award | |||
Restricted stock units | $ 25 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other (Income) Expense, Net | |||
Unrealized currency exchange loss (gain) | $ 105 | $ (19) | $ 230 |
Realized currency exchange (gain) loss | (17) | 252 | 707 |
Unrealized gain from gold and silver rounds/bullion, net | (170) | (671) | 134 |
Realized gain from gold and silver rounds/bullion | (1,003) | ||
Loss from sale of investments, net | 195 | ||
Loss on disposal of fixed assets | 3 | 12 | 389 |
(Decrease) increase in reserve for inventory | (148) | 885 | 114 |
Increase in allowance for doubtful accounts receivable | 1,360 | ||
Other expense (income) | 42 | 5 | (195) |
Total | $ (1,188) | $ 464 | $ 2,934 |
Net Income per Common Share - N
Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income per Common Share | |||
Stock options excluded from computation of diluted weighted average share outstanding | 2.2 | 4.2 | 3.6 |
Shares excluded from weighted average shares outstanding, exercise price | $ 10.69 | $ 8.95 | $ 10.44 |
Net Income per Common Share - P
Net Income per Common Share - Potential Dilutive Stock Options On Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income per Common Share | |||
Net (loss) income from continuing operations | $ (6,331) | $ 5,532 | $ 11,874 |
Net income (loss) from discontinued operations | 10,690 | 300 | (2,586) |
Net income | $ 4,359 | $ 5,832 | $ 9,288 |
Basic weighted average shares of common stock outstanding | 69,902,708 | 63,681,156 | 57,534,830 |
Dilutive effect of share-based awards | 783,535 | 351,834 | 834,836 |
Diluted weighted average common shares outstanding | 70,686,243 | 64,032,990 | 58,369,666 |
Net income per share: | |||
Basic net (loss) income per common share from continuing operations | $ (0.09) | $ 0.09 | $ 0.21 |
Basic net (loss) income per common share from discontinued operations | 0.15 | (0.04) | |
Basic net income (loss) per common share | 0.06 | 0.09 | 0.17 |
Diluted net (loss) income per common share from continuing operations | (0.09) | 0.09 | 0.20 |
Diluted net (loss) income per common share from discontinued operations | 0.15 | (0.04) | |
Diluted net income per common share | $ 0.06 | $ 0.09 | $ 0.16 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of non-current investment in equity securities | $ 200 | ||
Value after adjustment to investments | $ 0 | ||
Realized/unrealized derivative (loss) gain, net | $ 0 | $ 200 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 25,405 | 10,210 | |
Gold and silver rounds/bullion | 671 | 4,265 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Accounts receivable, net | $ 4,226 | $ 8,362 |
Fair Value Measurement - Statem
Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Statement Of Income Classification [Line Items] | |||
Realized/unrealized derivative (loss) gain, net | $ 0 | $ 200 | |
Investment loss | $ (195) | ||
Sales, net | |||
Fair Value Statement Of Income Classification [Line Items] | |||
Realized/unrealized derivative (loss) gain, net | (47) | 1,714 | (4,209) |
Other expenses, net | |||
Fair Value Statement Of Income Classification [Line Items] | |||
Realized/unrealized gold and silver rounds/bullion gain (loss), net | $ 1,305 | $ 663 | (148) |
Investment loss | $ (195) |
Fair Value Measurement - Realiz
Fair Value Measurement - Realized Unrealized Derivatives, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | $ 137 | $ 1,423 | $ (3,702) |
Unrealized gain (loss) | (184) | 291 | (507) |
Total realized/ unrealized derivatives, net | (47) | 1,714 | (4,209) |
Gold | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | 623 | 318 | (191) |
Unrealized gain (loss) | (237) | 117 | 222 |
Total realized/ unrealized derivatives, net | 386 | 435 | 31 |
Silver | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | 344 | 167 | (374) |
Unrealized gain (loss) | (244) | 208 | 272 |
Total realized/ unrealized derivatives, net | 100 | 375 | (102) |
Copper | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | 35 | 17 | (268) |
Unrealized gain (loss) | (15) | 114 | (162) |
Total realized/ unrealized derivatives, net | 20 | 131 | (430) |
Lead | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | (143) | (44) | (788) |
Unrealized gain (loss) | 59 | (64) | (39) |
Total realized/ unrealized derivatives, net | (84) | (108) | (827) |
Zinc | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain (loss) | (722) | 965 | (2,081) |
Unrealized gain (loss) | 253 | (84) | (800) |
Total realized/ unrealized derivatives, net | $ (469) | $ 881 | $ (2,881) |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplementary Cash Flow Information | |||
Unrealized (gain) loss on gold and silver rounds/bullion | $ (170) | $ (671) | $ 134 |
Realized gain on gold and silver rounds/bullion | (1,003) | ||
Unrealized foreign currency exchange loss (gain) | 105 | (19) | 230 |
Loss on sale of investments | 195 | ||
Loss on disposition of fixed assets | 3 | 12 | 389 |
(Decrease) increase in reserve for inventory | (148) | 885 | 114 |
Change in allowance for doubtful accounts receivable | 1,360 | ||
Stock based compensation related to restructuring | 809 | ||
Other | 98 | 113 | |
Total other operating adjustments | $ (404) | $ 305 | $ 2,535 |
Covid-19 (Details)
Covid-19 (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
ATM Agreement | |
Proceeds from sale of common stock | $ 11.9 |