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INCOME TAXES | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
United States | $ | 153,710 |  |  | $ | 127,366 |  |  | $ | 64,105 |
Foreign | 420,156 |  |  | 298,726 |  |  | 218,035 |
Income before income taxes | $ | 573,866 |  |  | $ | 426,092 |  |  | $ | 282,140 |
Our Income tax expense consisted of (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Current: |  |  |  |  |
Federal | $ | 43,294 |  |  | $ | 51,643 |  |  | $ | 24,046 |
State | (716) |  |  | 715 |  |  | (68) |
Foreign | 63,638 |  |  | 32,901 |  |  | 24,499 |
Current tax expense | $ | 106,216 |  |  | $ | 85,259 |  |  | $ | 48,477 |
Deferred and others: |  |  |  |  |
Federal | $ | 589 |  |  | $ | (92) |  |  | $ | (763) |
State | 104 |  |  | (2) |  |  | (14) |
Foreign | (4,619) |  |  | 8,448 |  |  | (5,692) |
Deferred tax expense | $ | (3,926) |  |  | $ | 8,354 |  |  | $ | (6,469) |
Total income tax expense | $ | 102,290 |  |  | $ | 93,613 |  |  | $ | 42,008 |
The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non- controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
| Tax Effected | Rate |  | Tax Effected | Rate |  | Tax Effected | Rate
Income taxes at statutory rates | $ | 120,512 |  | 21.0 | % |  | $ | 89,479 |  | 21.0 | % |  | $ | 59,249 |  | 21.0 | %
State income taxes, net of federal benefit | 429 |  | 0.1 | % |  | 914 |  | 0.2 | % |  | 625 |  | 0.2 | %
Foreign tax effects: |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |
Withholding tax less foreign tax credits | 7,619 |  | 1.3 | % |  | — |  | — | % |  | (92) |  | — | %
Change in valuation allowance | 6,816 |  | 1.2 | % |  | — |  | — | % |  | — |  | — | %
Non taxable income and expenses | 7,979 |  | 1.4 | % |  | (16) |  | — | % |  | 22 |  | — | %
Other | 731 |  | 0.1 | % |  | 1,382 |  | 0.3 | % |  | 397 |  | 0.1 | %
Switzerland |  |  |  |  |  |  |  |
Statutory tax rate differential - federal | (58,136) |  | (10.1) | % |  | (37,273) |  | (8.8) | % |  | (27,491) |  | (9.7) | %
Cantonal taxes | 19,675 |  | 3.4 | % |  | 13,216 |  | 3.1 | % |  | 9,504 |  | 3.4 | %
Other | 2,247 |  | 0.4 | % |  | 1,298 |  | 0.3 | % |  | (1,024) |  | (0.4) | %
Additional recoverable basis | (16,264) |  | (2.8) | % |  | — |  | — | % |  | — |  | — | %
Change in valuation allowance | — |  | — | % |  | — |  | — | % |  | (8,462) |  | (3.0) | %
Mexico |  |  |  |  |  |  |  |
Withholding taxes, net of refund | 11,893 |  | 2.1 | % |  | 15,656 |  | 3.7 | % |  | 8,125 |  | 2.9 | %
Other foreign jurisdictions | 315 |  | 0.1 | % |  | 826 |  | 0.2 | % |  | 293 |  | 0.1 | %
Effects of cross-border tax law: |  |  |  |  |  |  |  |
GILTI & subpart F, net of foreign tax credits | 15,576 |  | 2.7 | % |  | 22,087 |  | 5.2 | % |  | 7,235 |  | 2.6 | %
Tax credits: |  |  |  |  |  |  |  |
Foreign tax credits | (10,944) |  | (1.9) | % |  | (16,166) |  | (3.8) | % |  | (8,598) |  | (3.1) | %
Change in valuation allowance | (4,118) |  | (0.7) | % |  | 3,873 |  | 0.9 | % |  | 3,180 |  | 1.1 | %
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |
Excess depletion | (2,548) |  | (0.4) | % |  | (2,473) |  | (0.6) | % |  | (2,259) |  | (0.8) | %
Statutory tax attributes to non-controlling interest | (1,044) |  | (0.2) | % |  | (74) |  | — | % |  | (118) |  | — | %
Other | (63) |  | — | % |  | 884 |  | 0.2 | % |  | 1,421 |  | 0.5 | %
Non-deductible acquisition cost | 1,615 |  | 0.3 | % |  | — |  | — | % |  | — |  | — | %
Total income tax expense | $ | 102,290 |  | 17.8 | % |  | $ | 93,613 |  | 22.0 | % |  | $ | 42,008 |  | 14.9 | %
The effective tax rate for the year ended December 31, 2025, was 17.8%. which included a $16.3 million tax benefit for additional recoverable basis and a tax benefit for an $11 million recovery of foreign withholding tax, partially offset by $2.9 million of U.S. and foreign capitalized acquisition costs. The effective tax rates for the year ended December 31, 2024, was 22% and included a $13.0 million U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rate for the year ended December 31, 2023, was 14.9%, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets. Cash taxes paid consisted of (amounts in thousands):
| Year Ended December 31, 2025
United States | $ | 41,111 |
Switzerland |
Federal | 21,859 |
Cantonal | 8,616 |
Mexico | 11,187 |
Australia | 6,825 |
Other | 5,750 |
Total cash taxes paid | $ | 95,348 |
| Year Ended December 31, 2024
United States | $ | 33,608 |
Switzerland |
Federal | 15,794 |
Cantonal | 3,502 |
Mexico | 12,058 |
Australia | 5,118 |
Other | 2,028 |
Total cash taxes paid | $ | 72,108 |
| Year Ended December 31, 2023
United States | $ | 14,261 |
Switzerland |
Federal | 17,070 |
Cantonal | 1,967 |
Mexico | 10,160 |
Canada | 2,362 |
Other | 4,483 |
Total cash taxes paid | $ | 50,303 |
The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2025 and 2024 are as follows (amounts in thousands):
| December 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Stock-based compensation | $ | 3,229 |  |  | $ | 1,989 |
Net operating losses | 54,455 |  |  | 5,863 |
Foreign tax credits | 35,630 |  |  | 39,748 |
Amortizable tax goodwill | 41,249 |  |  | 37,672 |
Other tax attributes | 10,871 |  |  | 1,784 |
Capital losses | 8,673 |  |  | 1,853 |
Lease liability | 9,805 |  |  | 1,067 |
Other | 1,896 |  |  | 1,788 |
Total deferred tax assets | 165,808 |  |  | 91,764 |
Valuation allowance | (86,747) |  |  | (44,656) |
Net deferred tax assets | $ | 79,061 |  |  | $ | 47,108 |
Deferred tax liabilities: |  |  |
Mineral property basis | $ | (1,117,909) |  |  | $ | (123,482) |
Equity method investments | (84,036) |  |  | — |
Marketable securities | (6,941) |  |  | — |
Lease right-of-use asset | (8,913) |  |  | (930) |
Other | (793) |  |  | (836) |
Total deferred tax liabilities | $ | (1,218,592) |  |  | $ | (125,248) |
Total net deferred taxes | $ | (1,139,531) |  |  | $ | (78,140) |
We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of December 31, 2025 and 2024, we recorded a valuation allowance of $86.7 million and $44.7 million, respectively. The valuation allowance remaining at December 31, 2025 is attributable to U.S. foreign tax credits of $35.6 million and capital losses of $8.7 million, tax basis in excess of book basis in Mineral Properties of $39.0 million, net operating losses of $2.7 million, and other tax attribute carryforwards of $0.7 million. As of December 31, 2025 and 2024, we had $54.5 million and $5.9 million of net operating loss carryforwards offset by a valuation allowance of $2.7 million and $2.2 million, respectively. The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period. These losses do not begin to expire until the 2038 tax year. As of December 31, 2025 and 2024, we had zero unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2022. Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of our income tax expense. For the years ended December 31, 2025, 2024, and 2023, we had zero accrued income-tax-related interest and penalties.

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