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Divestment of the Alacran Project | 3 Months Ended
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Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Divestment of the Alacran Project | 12. Divestment of the Alacrán project: On May 8, 2025, Cordoba entered into a framework agreement to sell its remaining 50% interest in the Alacrán Project to JCHX Mining Management Co., Ltd ("JCHX"), through the divestment of Cordoba's wholly owned Colombian subsidiaries, Minerales Cordoba S.A.S. and Exploradora Cordoba S.A.S. On February 10, 2026, Cordoba and JCHX agreed to amend various terms of the agreement. The purchase price was increased to $128.0 million in cash, paid in lump sum on closing of the transaction. In addition, certain conditions to closing were waived including the approval of the Environmental Impact Assessment for the Alacrán project. The transaction closed on March 5, 2026. Net proceeds from the divestment, after settling outstanding liabilities and amounts held for future corporate activities, were distributed to shareholders of Cordoba. On March 25, 2026, Cordoba distributed $40.0 million in cash to non-controlling shareholders of Cordoba. On the closing date, the carrying value of net assets and non-controlling interest associated with the divested subsidiaries were derecognized, and the cumulative currency translation adjustments previously recognized in other comprehensive income was recognized as profit or loss. The net gain on the Alacrán divestment was calculated as follows:
Gross proceeds received on closing | $ | 128,000 |
Less: transaction costs | (2,465) |
Net proceeds | 125,535 |
Net assets of disposed subsidiaries | (538) |
Reclassification of historical currency translation | (274) |
Gain on divestment of Alacrán | $ | 124,723 |
The carrying amount of net assets related to the disposed of subsidiaries on the closing date were as follows:
Assets | March 5, 2026
Cash | $ | 731 |
Prepaid expenses and deposits | 815 |
Exploration properties | 13,608 |
Property, plant and equipment | 2,455 |
Liabilities |
Accounts payable and accrued liabilities | (3,285) |
Due to related parties | (4,074) |
Lease liability | (1,065) |
Deferred income taxes | (4,751) |
Net carrying amount | 4,434 |
Non-controlling interest | (3,896) |
Net assets attributable to common shareholders | $ | 538 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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