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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of income tax expense

		2025				2024

Current income tax expense		$	11,590			$	6,288
Deferred income tax expense			1,665				33
Total income tax expense		$	13,255			$	6,321

Schedule of income tax expense recognized

		2025				2024

Net income before income taxes		$	39,898			$	14,421

Combined statutory tax rate			27.00	%			27.00	%

Income tax expense at the Canadian statutory rate			10,772				3,894

Reconciling items:
Effect of difference in foreign tax rates			1,260				477
Non-deductible/non-taxable items			2,893				217
Change in unrecognized deductible temporary differences			(3,279	)			(147	)
Impact of foreign exchange			(3,040	)			761
Special mining duties			3,104				1,063
Revisions to estimates			2,975				11
Impact of change of tax rates			-				197
Share issue costs			(766	)			(162	)
Other items			(664	)			10

Income tax expense recognized in the year		$	13,255			$	6,321

Schedule of deferred tax impact

		December 31,				December 31,
		2025				2024

Deferred income tax assets		$	8,689			$	2,993
Deferred income tax liabilities			(15,083	)			(7,722	)

		$	(6,394	)		$	(4,729	)

Schedule of potential deferred income tax assets and liabilities

		December 31, 2025				December 31, 2024

Reclamation provision		$	-			$	794
Non-capital losses			6,845				-
Other deductible temporary differences			2,009				2,199
Exploration and evaluation assets			3,036				(3,626	)
Plant, equipment and mining properties			(18,284	)			(4,096	)

Net deferred income tax liabilities		$	(6,394	)		$	(4,729	)

Schedule of unrecognized deductible temporary differences

		December 31, 2025				December 31, 2024

Tax losses carried forward - Canada		$	20,272			$	18,435
Tax losses carried forward - Mexico			-				29,845
Share issue costs			2,841				922
Plant, equipment and mining properties			96				563
Exploration and evaluation assets			(7,022	)			1,070
Investments			(311	)			2,237

Unrecognized deductible temporary differences		$	15,876			$	53,072