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v3.25.4

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024
Operating Activities |  |
Net income | $ 26,643 | $ 8,100
Adjustments for non-cash items: |  |
Deferred income tax expense | 1,665 | 33
Depreciation and depletion | 3,745 | 3,386
Accretion of reclamation provision | 204 | 197
Losses on disposals of investments | (2,769) | 172
Unrealized loss (gain) on derivatives | (1,789) | 475
Unrealized loss (gain) on foreign exchange | 2,374 | (1,074)
Write down of uncollectible account | 0 | 621
Write down of equipment and materials and supplies inventory | 593 | 1,144
Loss on sale of mineral properties | 304 | 0
Finance costs on deferred consideration payable | 229 | 0
Other expenses | 417 | 0
Share-based payments | 3,726 | 2,035
Total adjustments for non cash | 35,342 | 15,089
Net change in non-cash working capital items | (7,919) | 8,035
Cash provided by operating activities | 27,423 | 23,124
Financing Activities |  |
Shares issued for cash, net of issuance costs | 74,216 | 9,104
Proceeds from option exercises and RSU vesting, net | 2,275 | 986
Lease liability payments | (2,307) | (1,909)
Equipment loan payments | (325) | (166)
Cash provided by financing activities | 73,859 | 8,015
Investing Activities |  |
Exploration and evaluation expenditures | (576) | (2,105)
Additions to plant, equipment and mining properties | (26,299) | (4,455)
Cash used in investing activities | (26,875) | (6,560)
Effect of exchange rate changes on cash | 0 | 50
Change in cash | 74,407 | 24,579
Cash, beginning | 27,317 | 2,688
Cash, ending | $ 101,724 | $ 27,317

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