INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income tax expense/(recoveries) components

Income tax expense consisted of the following components:


	Years ended December 31,
	2023		2022
Current income taxes:
Canadian current income taxes	$	3.6	$	1.6

Foreign current income taxes	48.3		76.0

	51.9		77.6
Deferred income taxes:


Foreign deferred income taxes - origination and reversal of temporary differences	(21.2)		0.5

	(21.2)		0.5

Total income tax expense	$	30.7	$	78.1

Income tax expense/(recoveries) rate reconciliation

These factors are illustrated below on all of the consolidated earnings (loss) before income taxes after applying a tax rate of 26.5%, reflecting the combined Canadian statutory corporate income tax rate which applies to the Company as a legal entity for the years ended December 31, 2023 and December 31, 2022:


	Years ended December 31,
	2023		2022
Earnings before income taxes	$	128.2	$	41.7
Income tax provision - 26.5%	$	34.0	$	11.0
Increase (reduction) in income taxes resulting from:
Earnings in foreign jurisdictions subject to a different tax rate than 26.5%	(31.9)		(7.4)
Permanent items that are not included in income (losses) for tax purposes:
Non-deductible expenses	(0.9)		(3.3)
Income (losses) not recognized for tax purposes	(3.5)		1.0
Tax provisions not based on legal entity income or losses for the year:
Provincial mining duty tax	3.8		1.4
Non-resident withholding tax	5.5		15.8

Under (over) tax provisions	0.3		2.8



Other	0.3		0.8
Other adjustments:
Unrecognized recoveries in deferred tax provisions	21.4		46.7
Foreign exchange related to deferred income taxes	(2.2)		9.0
Taxes paid relating to sale of assets	4.1		—
Other	(0.2)		0.3
Total income tax expense	$	30.7	$	78.1

Components of deferred income tax assets and liabilities

The components that give rise to deferred income tax assets and liabilities are as follows:


	Years ended December 31,
	2023		2022
Deferred income tax assets:
Exploration and evaluation assets	$	442.4	$	307.7


Asset retirement obligations	—		2.5
Côté Gold repurchase option	91.5		—
Other assets	43.8		34.3

	577.7		344.5
Deferred income tax liabilities:
Property, plant and equipment	(572.8)		(355.3)






Other liabilities	(5.6)		(11.8)
	(578.4)		(367.1)
Net deferred income tax liabilities	$	(0.7)	$	(22.6)


Classification:
Non-current assets	$	—	$	—
Non-current liabilities	(0.7)		(22.6)
	$	(0.7)	$	(22.6)

The 2023 movement for net deferred income tax liabilities is summarized as follows:



	December 31, 2022		Discontinued Operations		Statements of earnings (loss)		OCI		December 31, 2023
Deferred income tax assets:
Exploration and evaluation assets	$	307.7	$	—	$	134.7	$	—	$	442.4


Asset retirement obligations	2.5		—		(2.5)		—		—
Côté Gold repurchase option	—		—		91.5		—		91.5
Other assets	34.3		—		8.8		0.7		43.8
Deferred income tax liabilities:

Property, plant and equipment	(355.3)		—		(217.5)		—		(572.8)






Other liabilities	(11.8)		—		6.2		—		(5.6)

	$	(22.6)	$	—	$	21.2	$	0.7	$	(0.7)

The 2022 movement for net deferred income tax liabilities is summarized as follows:



	December 31, 2021		Discontinued Operations		Statements of earnings (loss)		OCI		December 31, 2022
Deferred income tax assets:
Exploration and evaluation assets	$	—	$	—	$	307.7	$	—	$	307.7
Non-capital losses	210.4		(37.8)		(172.6)		—		—

Asset retirement obligations	1.7		—		0.8		—		2.5
Other assets	37.2		—		(0.7)		0.9		37.4
Deferred income tax liabilities:

Property, plant and equipment	(281.0)		66.1		(140.4)		—		(355.3)
Royalty interests	(0.4)		—		0.1		—		(0.3)


Marketable securities	—		—		0.1		(0.1)		—

Inventories and reserves	(7.4)		10.0		(5.7)		—		(3.1)
Other liabilities	(21.7)		—		10.2		—		(11.5)

	$	(61.2)	$	38.3	$	(0.5)	$	0.8	$	(22.6)

Income tax expense/(recoveries) related to OCI

Income tax expense (recoveries) related to OCI consisted of the following components:


	Years ended December 31,
	2023		2022
Unrealized change in fair value of marketable securities	$	—	$	0.1

Hedges	(0.7)		(0.9)

Total income taxes related to OCI	$	(0.7)	$	(0.8)

Disclosure of unrecognized deferred income tax assets

Deferred income tax assets have not been recognized in respect of the following deductible temporary differences:


	Years ended December 31,
	2023		2022

Non-capital losses	$	1,099.1	$	1,186.5
Net capital losses	104.4		66.2
Exploration and evaluation assets	338.6		380.8
Deduction for future mining duty taxes	18.9		15.1

Asset retirement obligations	265.3		213.3
Other deductible temporary differences	0.1		13.0
	$	1,826.4	$	1,874.9

The net capital loss carry forwards are restricted in use against capital gains but may be carried forward indefinitely. The exploration and evaluation assets may be carried forward indefinitely. At December 31, 2023, the non-capital loss carry forwards expire as follows:


Expiry Date	2024		2025		2026		2027		2028+		No Expiry		Total



Total unrecognized losses	$	13.5	$	44.3	$	21.7	$	15.5	$	974.3	$	29.8	$	1,099.1