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Income and mining taxes | 12 Months Ended
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Dec. 31, 2024
INCOME AND MINING TAXES [Abstract] |
Income and mining taxes | Income and mining taxes The following table outlines the composition of income tax (recovery) expense between current tax and deferred tax:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2024 | 2023
Current income and mining tax expense |  |  | 2.5 |  | 2.1 |
Deferred income and mining tax (recovery) expense |  |  | (21.9) |  | 3.2 |
Total income tax (recovery) expense |  |  | (19.4) |  | 5.3 |
Income tax (recovery) expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before taxes. The differences result from the following items:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2024 | 2023
Earnings (loss) before taxes |  |  | 83.2 |  | (59.2) |
Canadian federal and provincial income tax rates |  |  | 25.8 | % | 25.6 | %
Income tax expense (recovery) based on above rates |  |  | 21.4 |  | (14.8) |
INCREASE (DECREASE) DUE TO |  |  |  |
Permanent differences |  |  | 0.2 |  | (2.1) |
Foreign exchange |  |  | (3.5) |  | (6.9) |
Canadian mining tax |  |  | (19.6) |  | 5.3 |
Change in unrecognized deferred tax assets |  |  | (18.0) |  | 23.9 |
Other |  |  | 0.1 |  | (0.1) |
Income tax (recovery) expense |  |  | (19.4) |  | 5.3 |
The following tables provide analysis of the deferred tax assets and liabilities, all of which are located in Canada:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2024 | 2023
DEFERRED TAX ASSETS |  |  |  |
Mining interests |  |  | 1.7 |  | — |
Derivative financial liabilities |  |  | 9.2 |  | 6.5 |
Less: Inventory & other |  |  | (2.2) |  | (1.5) |
Deferred income tax asset (in respect of Ontario mining tax, net) |  |  | 8.7 |  | 5.0 |
DEFERRED TAX LIABILITIES |  |  |  |
Mining interests |  |  | 74.9 |  | 98.3 |
Inventory & other |  |  | 8.1 |  | 4.2 |
Less: Mining tax credits carry-forward |  |  | (27.4) |  | (27.7) |
Deferred income tax liabilities, net |  |  | 55.6 |  | 74.8 |
Deferred tax assets for the following income tax losses and deductible temporary differences were not recorded since their utilization within the foreseeable future is not probable:
| Year ended December 31
(in millions of U.S. dollars) | 2024 | 2023
Non-capital losses (expiring 2042-2044) | 143.7 | 23.0
Capital losses | 23.0 | 9.8
Mining interests | 181.3 | 92.3
Tax credits | 45.0 | 44.9
Asset retirement obligations | 119.3 | 124.2
Derivative and other financial liabilities | 288.5 | 708.2
Deferred mining taxes | 46.9 | 69.8
Total unrecognized income tax losses and deductions | 847.7 | 1,072.2 |
Total unrecognized British Columbia mining tax deductions | 34.3 | 32.9
Total unrecognized Ontario mining tax deductions | 193.6 | 362.4
The following table outlines the movement in the net deferred tax liabilities:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2024 | 2023
MOVEMENT IN THE NET DEFERRED TAX LIABILITIES |  |  |  |
Balance at the beginning of the year |  |  | (70.0) |  | (66.8) |
Recognized in net earnings (loss) |  |  | 21.9 |  | (3.2) |
Recognized in other comprehensive income |  |  | 1.2 |  | — |
Net deferred tax liabilities |  |  | (46.9) |  | (70.0) |

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