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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAX

Schedule of Income Tax Reconciliation

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​	​	​	​	​	​	​
​	​	​	Years ended December 31,
​	​	​	2024 $		​	2023 $
Net income (loss) before tax	​	​	212,209	​	​	(11,051)
Statutory tax rate	​	​	27.0%	​	​	27.0%
Anticipated income tax expense (recovery) at statutory rates	​	​	57,296	​	​	(2,984)
(Deductible) non-deductible expenditures	​	​	(4,863)	​	​	2,443
Differences between Canadian and foreign tax rates	​	​	7,762	​	​	(729)
Changes in estimate	​	​	9,721	​	​	7,419
Inflation adjustment	​	​	(68,886)	​	​	(63,095)
Impact of foreign exchange	​	​	40,652	​	​	70,014
Change in deferred tax assets not recognized	​	​	12,443	​	​	11,489
Mining taxes	​	​	5,316	​	​	2,714
Withholding taxes	​	​	9,293	​	​	5,629
Other items	​	​	1,569	​	​	(321)
Total income tax expense	​	​	70,303	​	​	32,579
​	​	​	​	​	​	​
Total income tax represented by:	​	​	​	​	​	​
Current income tax expense	​	​	96,468	​	​	42,636
Deferred tax recovery	​	​	(26,165)	​	​	(10,057)
​	​	​	70,303	​	​	32,579

Schedule of Current and Deferred Taxes

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​	​	​	​	​	​	​
​	​	​	Years ended December 31,
​	​	​	2024 $		​	2023 $
Current tax expense	​	​	​	​	​	​
Current taxes on profit for the year	​	​	91,751	​	​	42,096
Changes in estimates related to prior years	​	​	4,717	​	​	540
​	​	​	96,468	​	​	42,636
​	​	​	​	​	​	​
Deferred tax expense	​	​	​	​	​	​
Origination and reversal of temporary differences and foreign exchange rate	​	​	(31,163)	​	​	(16,899)
Changes in estimates related to prior years	​	​	5,003	​	​	6,879
Effect of differences in tax rates	​	​	(5)	​	​	(37)
Effect of changes in tax rates	​	​	-	​	​	-
​	​	​	(26,165)	​	​	(10,057)
​	​	​	​	​	​	​
Total tax expense	​	​	70,303	​	​	32,579

Schedule of Deferred Tax Assets and Liabilities

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​	​	​	​	​	​	​
As at December 31,		​	2024 $		​	2023 $
Deferred tax assets:	​	​	​	​	​	​
Reclamation and closure cost obligation	​	​	12,377	​	​	15,011
Carried forward tax loss	​	​	11,479	​	​	16,043
Accounts payable and accrued liabilities	​	​	25,282	​	​	16,747
Deductibility of resource taxes	​	​	182	​	​	154
Lease obligations	​	​	7,664	​	​	7,972
Total deferred tax assets	​	​	56,984	​	​	55,927
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Mineral properties	​	​	(159,319)	​	​	(193,646)
Mining and foreign withholding taxes	​	​	(243)	​	​	(1,124)
Equipment and buildings	​	​	(15,938)	​	​	(5,941)
Convertible debenture	​	​	(11,371)	​	​	(406)
Inflation	​	​	(196)	​	​	(598)
Inventory and other	​	​	(14,183)	​	​	(14,067)
Total deferred tax liabilities	​	​	(201,250)	​	​	(215,782)
​	​	​	​	​	​	​
Net deferred tax liabilities	​	​	(144,266)	​	​	(159,855)
​	​	​	​	​	​	​
​	​	​		​	​
Classification:	​	​	​	​	​	​
Deferred tax assets	​	​	-	​	​	-
Deferred tax liabilities	​	​	(144,266)	​	​	(159,855)
Net deferred tax liabilities	​	​	(144,266)	​	​	(159,855)

​

​	​	​	​	​	​	​
​	​	​	2024 $		​	2023 $
At January 1	​	​	159,855	​	​	167,619
Deferred income tax recovery through income statement	​	​	(26,165)	​	​	(10,057)
Deferred income tax expense through equity	​	​	10,576	​	​	2,293
At December 31	​	​	144,266	​	​	159,855

Schedule of Unrecognized Deductible Temporary Difference and Unused Tax Losses

​

​	​	​	​	​	​	​
As at December 31,		​	2024 $		​	2023 $
Unrecognized deductible temporary differences and unused tax losses:	​	​	​	​	​	​
Non-capital losses	​	​	174,195	​	​	138,736
Provisions	​	​	13,676	​	​	19,335
Mineral properties, plant and equipment	​	​	238,795	​	​	163,508
Lease obligation	​	​	-	​	​	1,729
Derivative liabilities	​	​	25,808	​	​	23,395
Capital losses	​	​	5,236	​	​	-
Investments in equity securities and associates	​	​	1,049	​	​	1,069
Unrecognized deductible temporary differences	​	​	458,759	​	​	347,772

​

​	​	​	​	​	​	​
As at December 31,		​	2024 $		​	2023 $
Mexico	​	​	14,942	​	​	27,491
Peru	​	​	88,361	​	​	96,467

Schedule of Tax Losses Expiry Dates

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As at December 31,

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Year of expiry

​

​

2024 $

​

​

Year of expiry

​

2023 $

Canada

​

​

2025 - 2044

​

​

200,452

​

​

2024 - 2043

​

​

210,847

Mexico

​

​

2025 - 2034

​

​

22,997

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2024 - 2033

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​

6,623

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