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Income and mining taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME AND MINING TAXES [Abstract] |
Schedule of the composition of income tax expense | 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 |
Schedule of reconciliation of Income tax recovery | 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 |
Schedule of deferred tax assets and liabilities | 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
Schedule of the movement in the net deferred tax liabilities | 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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