XML 72 R13.htm IDEA: XBRL DOCUMENT

Discontinued operations

12 Months Ended

Dec. 31, 2024

Non-Current Assets Held For Sale And Discontinued Operations [Abstract]

Disposal group held for sale and Discontinued operations

6. Disposal group held for sale and discontinued operations

Certej project

On October 7, 2024, the Company entered into a share purchase agreement ("SPA") to sell the Certej project, a non-core gold asset in the Romania segment. The sale is subject to certain closing conditions.

Consideration includes:

•$0.5 million cash deposit received upon signing of the SPA;

•$3.5 million cash upon closing of the transaction;

•$4.0 million of common shares of the purchasing company upon closing;

•deferred consideration of $22.0 million in cash, with $2.0 million payable within 45 days after the issuance of a zonal urbanization plan ("PUZ"), and $10.0 million payable on both the first and second anniversary following the receipt of both the PUZ and the building permit; and

•the Company will retain a 1.5% net smelter return royalty on the project.

During the third quarter of 2024, the Company recorded an impairment of $8.7 million on the Certej project to recognize property, plant and equipment at its estimated fair value, based on a plan to sell the asset and completion of the agreement.

The Romania reporting segment is presented as a disposal group held for sale. As at December 31, 2024, the disposal group was stated at fair value less costs to sell and comprised the following assets and liabilities:


	December 31, 2024		December 31, 2023

Cash	$	354	$	770
Accounts receivable and other	1,034		1,276
Inventories	1,694		1,586
Property, plant, and equipment	13,604		23,995
Assets held for sale	$	16,686	$	27,627

Accounts payable and accrued liabilities	$	(249)	$	(228)
Asset retirement obligations	(9,884)		(10,639)
Liabilities associated with assets held for sale	$	(10,133)	$	(10,867)

The fair value measurement for the disposal group has been categorized as a Level 3 fair value based on the expected cash from a sale, less estimated costs of disposal.

6. Disposal group held for sale and discontinued operations (continued)

The results from operations of the Romanian reporting segment include:


	Year ended December 31,
	2024		2023

Expenses	$	(4,989)	$	(4,407)
Impairment of property and equipment	(8,687)		—

Loss from operations	(13,676)		(4,407)
Income tax recovery	—		—
Loss from discontinued operations, net of tax	$	(13,676)	$	(4,407)

Loss from discontinued operations attributable to shareholders of the Company	$	(11,788)	$	(1,553)
Loss from discontinued operations attributable to non-controlling interest	$	(1,888)	$	(2,854)


Basic and diluted loss per share attributable to shareholders of the Company	$	(0.06)	$	(0.01)

Net cash used in operating activities of the Romanian reporting segment during the year ended December 31, 2024 was $0.4 million (2023 – net cash generated from operating activities was $0.4 million).