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INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Income tax expense/(recoveries) components |
| Years ended December 31,
| 2024 | 2023
Current income taxes: |  |
Canadian current income taxes | $ | 11.6 |  | $ | 3.6 |
Foreign current income taxes | 104.8 |  | 48.3 |
| 116.4 |  | 51.9 |
Deferred income taxes: |  |
Canadian deferred income taxes - origination and reversal of temporary differences | 7.3 |  | — |
Foreign deferred income taxes - origination and reversal of temporary differences | 5.5 |  | (21.2) |
Changes in tax rates or imposition of new taxes | 0.2 |  | — |
| 13.0 |  | (21.2) |
Total income tax expense (recovery) | $ | 129.4 |  | $ | 30.7 |
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 federal and provincial Canadian statutory corporate income tax rates which apply to the Company as a legal entity for the years ended December 31, 2024 and December 31, 2023:
|  |  | Years ended December 31,
|  |  | 2024 | 2023
Earnings (loss) before income taxes |  |  | $ | 977.2 |  | $ | 128.2 |
Income tax provision - 26.5% |  |  | $ | 259.0 |  | $ | 34.0 |
Increase (reduction) in income taxes resulting from: |  |  |  |
Earnings in foreign jurisdictions subject to a different tax rate than 26.5% |  |  | (36.5) |  | (31.9) |
Permanent items that are not included in income (losses) for tax purposes: |  |  |  |
Non-deductible expenses |  |  | (4.4) |  | (0.9) |
Income (losses) not recognized for tax purposes |  |  | 0.6 |  | (3.5) |
Tax provisions not based on legal entity income or losses for the year: |  |  |  |
Provincial mining duty tax |  |  | 15.9 |  | 3.8 |
Non-resident withholding tax |  |  | 14.3 |  | 5.5 |
Under (over) tax provisions |  |  | 3.0 |  | 0.3 |
Changes in tax rates |  |  | 0.2 |  | — |
Other |  |  | 0.5 |  | 0.3 |
Other adjustments: |  |  |  |
Change in unrecognized deferred tax assets |  |  | (133.6) |  | 21.4 |
Foreign exchange related to deferred income taxes |  |  | 10.7 |  | (2.2) |
Taxes paid relating to sale of assets |  |  | — |  | 4.1 |
Other |  |  | (0.3) |  | (0.2) |
Total income tax expense (recovery) |  |  | $ | 129.4 |  | $ | 30.7 |
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,
| 2024 | 2023
Deferred income tax assets: |  |
Exploration and evaluation assets | $ | 283.3 |  | $ | 442.4 |
Asset retirement obligations | 52.6 |  | — |
Côté Gold repurchase option | — |  | 91.5 |
Other assets | 61.3 |  | 43.8 |
| 397.2 |  | 577.7 |
Deferred income tax liabilities: |  |
Property, plant and equipment | (383.1) |  | (572.8) |
Mining duties | (7.4) |  | — |
Other liabilities | (20.7) |  | (5.6) |
| (411.2) |  | (578.4) |
Net deferred income tax liabilities | $ | (14.0) |  | $ | (0.7) |
Classification: |  |
Non-current assets | $ | — |  | $ | — |
Non-current liabilities | (14.0) |  | (0.7) |
| $ | (14.0) |  | $ | (0.7) |
The 2024 movement for net deferred income tax liabilities is summarized as follows:
| December 31, 2023 |  | Statements of earnings (loss) | OCI |  | December 31, 2024 |
Deferred income tax assets: |  |  |  |  |  |  |
Exploration and evaluation assets | $ | 442.4 |  |  | $ | (159.1) |  | $ | — |  |  | $ | 283.3 |  |
Asset retirement obligations | — |  |  | 52.6 |  | — |  |  | 52.6 |  |
Côté Gold repurchase option | 91.5 |  |  | (91.5) |  | — |  |  | — |  |
Other assets | 43.8 |  |  | 17.6 |  | (0.1) |  |  | 61.3 |  |
Deferred income tax liabilities: |  |  |  |  |  |  |
Property, plant and equipment | (572.8) |  |  | 189.7 |  | — |  |  | (383.1) |  |
Mining duties | — |  |  | (7.4) |  | — |  |  | (7.4) |  |
Other liabilities | (5.6) |  |  | (14.9) |  | (0.2) |  |  | (20.7) |  |
| $ | (0.7) |  |  | $ | (13.0) |  | $ | (0.3) |  |  | $ | (14.0) |  |
The 2023 movement for net deferred income tax liabilities is summarized as follows:
| December 31, 2022 |  | 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) |
Income tax expense/(recoveries) related to OCI | Income tax expense (recoveries) related to OCI consisted of the following components:
| Years ended December 31,
| 2024 | 2023
Unrealized change in fair value of marketable securities | $ | 0.2 |  | $ | — |
Hedges | 0.1 |  | (0.7) |
Total income taxes related to OCI | $ | 0.3 |  | $ | (0.7) |
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,
| 2024 | 2023
Non-capital losses | $ | 778.7 |  | $ | 1,099.1 |
Net capital losses | 93.8 |  | 104.4 |
Exploration and evaluation assets | 155.4 |  | 338.6 |
Deduction for future mining duty taxes | 18.9 |  | 18.9 |
Asset retirement obligations | — |  | 265.3 |
Other deductible temporary differences | 10.8 |  | 0.1 |
Excessive interest and financing expenses | 60.7 |  | — |
| $ | 1,118.3 |  | $ | 1,826.4 |
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, 2024, the non-capital loss carry forwards expire as follows:
Expiry Date |  | 2025 | 2026 | 2027 | 2028 | 2029+ | No Expiry | Total
Total unrecognized losses |  | $ | 44.4 |  | $ | 21.2 |  | $ | 11.3 |  | $ | 9.1 |  | $ | 664.4 |  | $ | 28.3 |  | $ | 778.7 |

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