Divestment of the Alacran Project

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

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