Item 1. Legal Proceedings
Item 1. Legal Proceedings.
Previously disclosed claims related to the
Company’s former operations in Mexico and prior employee and supplier claims have been fully resolved. For information regarding
those claims and the Unifin Lawsuit, where the Company does not believe that any future liability would arise, see Item 3, Legal Proceedings,
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Mexican Mining Concession
In July 2025, the Company
was notified by the Mexican Mining Registry of an outstanding balance of approximately $403,000 in fees, penalties, and late fees related
to the Rucio mining concession. The concession has since been cancelled by the Mining Registry and no enforcement action has been filed.
The Company has initiated a concession annulment action. See Note 11 to the Condensed Consolidated Financial Statements.
Argentina Labor Claims
During 2025, the Company received three labor
claims against its Argentina subsidiary. As of March 31, 2026, the Company has accrued $250,000 for these matters. The Company intends
to vigorously defend these claims. See Note 11 to the Condensed Consolidated Financial Statements.
Item 1A. Risk Factors
The risk factors for the three months ended March
31, 2026, are substantially the same as those set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December
31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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