Note 3 - Income and Mining Taxes

9 Months Ended

Sep. 30, 2024

Disclosure Text Block [Abstract]

Income and Mining Taxes

Note 3. Income and Mining Taxes

Major components of our income and mining tax for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Current:
Domestic	$	(1,871	)	$	(1,182	)	$	(4,824	)	$	(2,980	)
Foreign		(1,006	)		(1,029	)		(3,260	)		(3,050	)
Total current income and mining tax provision		(2,877	)		(2,211	)		(8,084	)		(6,030	)
Deferred:
Domestic		(9,532	)		(3,696	)		(26,155	)		(17,619	)
Foreign		959			7,407			11,894			16,745
Total deferred income and mining tax (provision) benefit		(8,573	)		3,711			(14,261	)		(874	)
Total income and mining tax (provision) benefit	$	(11,450	)	$	1,500		$	(22,345	)	$	(6,904	)

The income and mining tax provision for the three and nine months ended September 30, 2024 and 2023 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of taxation in foreign jurisdictions, non-recognition of net operating losses and foreign exchange gains and losses in certain jurisdictions.

For the three and nine months ended September 30, 2024, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada, Mexico and certain Canadian net operating losses were treated as discrete adjustments to the tax provision.