| Segmented and geographic information, and major customers |
23. Segmented and geographic information, and major customers a. Segmented information The Company’s operations comprise of four reporting segments engaged in acquisition, exploration, development and exploration of mineral resource properties in Mexico and the United States. Management has determined the operating segments based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions. b. Geographic information All revenues from sales of concentrates for the three-month and nine-month periods ended September 30, 2025 and 2024 were earned in Mexico and the United States. The following segmented information is presented as at September 30, 2025 and December 31, 2024, and for the three-month and nine-month periods ended September 30, 2025 and 2024. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States. | | As at September 30, 2025 | | | As at December 31, 2024 | | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 5,840 | | | $ | 337 | | | $ | 199 | | | $ | 32,724 | | | $ | 39,100 | | | $ | 6,576 | | | $ | 1,390 | | | $ | 35 | | | $ | 12,001 | | | $ | 20,002 | | Trade and other receivables | | | 5,154 | | | | 4,927 | | | | - | | | | 517 | | | | 10,598 | | | | 5,485 | | | | 1,450 | | | | - | | | | 197 | | | | 7,132 | | Inventories | | | 7,364 | | | | 2,758 | | | | 103 | | | | - | | | | 10,225 | | | | 7,976 | | | | 2,625 | | | | 103 | | | | - | | | | 10,704 | | Prepaid expenses | | | 1,288 | | | | 1,382 | | | | 394 | | | | 798 | | | | 3,862 | | | | 745 | | | | 933 | | | | 755 | | | | 443 | | | | 2,876 | | Derivative instruments | | | - | | | | - | | | | - | | | | 2,861 | | | | 2,861 | | | | - | | | | - | | | | - | | | | - | | | | - | | Restricted cash | | | 149 | | | | 53 | | | | 4,470 | | | | - | | | | 4,672 | | | | 135 | | | | 53 | | | | 4,339 | | | | - | | | | 4,527 | | Property, plant and equipment | | | 58,370 | | | | 83,180 | | | | 21,169 | | | | 665 | | | | 163,384 | | | | 48,123 | | | | 74,935 | | | | 23,686 | | | | 655 | | | | 147,399 | | Total assets | | $ | 78,165 | | | $ | 92,637 | | | $ | 26,335 | | | $ | 37,565 | | | $ | 234,702 | | | $ | 69,040 | | | $ | 81,386 | | | $ | 28,918 | | | $ | 13,296 | | | $ | 192,640 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Trade and other payables | | $ | 12,256 | | | $ | 9,425 | | | $ | 3,271 | | | $ | 5,766 | | | $ | 30,718 | | | $ | 12,650 | | | $ | 8,689 | | | $ | 2,896 | | | $ | 13,098 | | | $ | 37,333 | | Derivative instruments | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 709 | | | | 709 | | Pre-payment facility | | | - | | | | 2,550 | | | | - | | | | - | | | | 2,550 | | | | - | | | | 2,000 | | | | - | | | | - | | | | 2,000 | | Credit facility | | | 9,160 | | | | - | | | | - | | | | - | | | | 9,160 | | | | 9,490 | | | | - | | | | - | | | | - | | | | 9,490 | | Term loan facility | | | - | | | | - | | | | - | | | | 48,019 | | | | 48,019 | | | | - | | | | - | | | | - | | | | - | | | | - | | Other long-term liabilities | | | 870 | | | | 916 | | | | - | | | | 394 | | | | 2,180 | | | | - | | | | 1,170 | | | | - | | | | 488 | | | | 1,658 | | Metals contract liability | | | - | | | | - | | | | - | | | | 44,618 | | | | 44,618 | | | | - | | | | - | | | | - | | | | 40,868 | | | | 40,868 | | Silver contract liability | | | - | | | | - | | | | - | | | | 28,566 | | | | 28,566 | | | | - | | | | - | | | | - | | | | 18,193 | | | | 18,193 | | Convertible debenture | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 10,849 | | | | 10,849 | | Royalty payable | | | - | | | | - | | | | - | | | | 3,062 | | | | 3,062 | | | | - | | | | - | | | | - | | | | 2,762 | | | | 2,762 | | Post-employment benefit obligations | | | - | | | | 3,108 | | | | - | | | | - | | | | 3,108 | | | | - | | | | 3,892 | | | | - | | | | - | | | | 3,892 | | Decommissioning provision | | | 2,693 | | | | 5,716 | | | | 4,064 | | | | - | | | | 12,473 | | | | 2,129 | | | | 5,346 | | | | 3,914 | | | | - | | | | 11,389 | | Deferred tax liabilities | | | 33 | | | | - | | | | - | | | | - | | | | 33 | | | | 48 | | | | - | | | | - | | | | - | | | | 48 | | Total liabilities | | $ | 25,012 | | | $ | 21,715 | | | $ | 7,335 | | | $ | 130,425 | | | $ | 184,487 | | | $ | 24,317 | | | $ | 21,097 | | | $ | 6,810 | | | $ | 86,967 | | | $ | 139,191 | |
| | Three-month period ended September 30, 2025 | | | Three-month period ended September 30, 2024 | | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revenue | | $ | 13,099 | | | $ | 17,497 | | | $ | - | | | $ | - | | | $ | 30,596 | | | $ | 12,699 | | | $ | 9,627 | | | $ | - | | | $ | - | | | $ | 22,326 | | Cost of sales | | | (8,190 | ) | | | (11,948 | ) | | | - | | | | - | | | | (20,138 | ) | | | (9,426 | ) | | | (10,839 | ) | | | - | | | | - | | | | (20,265 | ) | Depletion and amortization | | | (707 | ) | | | (2,142 | ) | | | (797 | ) | | | (58 | ) | | | (3,704 | ) | | | (2,243 | ) | | | (2,769 | ) | | | (862 | ) | | | (40 | ) | | | (5,914 | ) | Care and maintenance costs | | | - | | | | (216 | ) | | | (740 | ) | | | - | | | | (956 | ) | | | - | | | | (175 | ) | | | (559 | ) | | | - | | | | (734 | ) | Corporate general and administrative | | | - | | | | - | | | | - | | | | (5,933 | ) | | | (5,933 | ) | | | - | | | | - | | | | - | | | | (1,671 | ) | | | (1,671 | ) | Exploration costs | | | (962 | ) | | | (715 | ) | | | (32 | ) | | | - | | | | (1,709 | ) | | | (112 | ) | | | (788 | ) | | | (32 | ) | | | - | | | | (932 | ) | Accretion on decommissioning provision | | | (54 | ) | | | (60 | ) | | | (43 | ) | | | - | | | | (157 | ) | | | (59 | ) | | | (56 | ) | | | (42 | ) | | | - | | | | (157 | ) | Interest and financing income (expense) | | | (34 | ) | | | (76 | ) | | | 44 | | | | (1,644 | ) | | | (1,710 | ) | | | (796 | ) | | | (119 | ) | | | 12 | | | | (3,516 | ) | | | (4,419 | ) | Foreign exchange gain (loss) | | | (367 | ) | | | - | | | | - | | | | (1,510 | ) | | | (1,877 | ) | | | 475 | | | | - | | | | - | | | | 698 | | | | 1,173 | | Gain on disposal of assets | | | - | | | | - | | | | 1 | | | | - | | | | 1 | | | | - | | | | - | | | | - | | | | - | | | | - | | Loss on metals contract liabilities | | | - | | | | - | | | | - | | | | (12,316 | ) | | | (12,316 | ) | | | - | | | | - | | | | - | | | | (5,330 | ) | | | (5,330 | ) | Other gain on derivatives | | | - | | | | - | | | | - | | | | 2,916 | | | | 2,916 | | | | - | | | | - | | | | - | | | | 178 | | | | 178 | | Fair value loss on royalty payable | | | - | | | | - | | | | - | | | | (19 | ) | | | (19 | ) | | | - | | | | - | | | | - | | | | (216 | ) | | | (216 | ) | Income (loss) before income taxes | | | 2,785 | | | | 2,340 | | | | (1,567 | ) | | | (18,564 | ) | | | (15,006 | ) | | | 538 | | | | (5,119 | ) | | | (1,483 | ) | | | (9,897 | ) | | | (15,961 | ) | Income tax expense | | | (702 | ) | | | - | | | | - | | | | - | | | | (702 | ) | | | (198 | ) | | | - | | | | - | | | | - | | | | (198 | ) | Net income (loss) for the period | | $ | 2,083 | | | $ | 2,340 | | | $ | (1,567 | ) | | $ | (18,564 | ) | | $ | (15,708 | ) | | $ | 340 | | | $ | (5,119 | ) | | $ | (1,483 | ) | | $ | (9,897 | ) | | $ | (16,159 | ) |
| | Nine-month period ended September 30, 2025 | | | Nine-month period ended September 30, 2024 | | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | Cosalá Operations | | | Galena Complex | | | Relief Canyon | | | Corporate and Other | | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revenue | | $ | 36,435 | | | $ | 44,635 | | | $ | - | | | $ | - | | | $ | 81,070 | | | $ | 41,094 | | | $ | 35,297 | | | $ | - | | | $ | - | | | $ | 76,391 | | Cost of sales | | | (30,781 | ) | | | (33,975 | ) | | | - | | | | - | | | | (64,756 | ) | | | (32,905 | ) | | | (29,960 | ) | | | - | | | | - | | | | (62,865 | ) | Depletion and amortization | | | (3,607 | ) | | | (9,424 | ) | | | (2,506 | ) | | | (173 | ) | | | (15,710 | ) | | | (6,892 | ) | | | (9,018 | ) | | | (2,589 | ) | | | (119 | ) | | | (18,618 | ) | Care and maintenance costs | | | - | | | | (445 | ) | | | (1,139 | ) | | | - | | | | (1,584 | ) | | | - | | | | (445 | ) | | | (2,752 | ) | | | - | | | | (3,197 | ) | Corporate general and administrative | | | - | | | | - | | | | - | | | | (18,521 | ) | | | (18,521 | ) | | | - | | | | - | | | | - | | | | (5,036 | ) | | | (5,036 | ) | Exploration costs | | | (2,203 | ) | | | (1,617 | ) | | | (87 | ) | | | - | | | | (3,907 | ) | | | (486 | ) | | | (2,286 | ) | | | (76 | ) | | | - | | | | (2,848 | ) | Accretion on decommissioning provision | | | (162 | ) | | | (178 | ) | | | (131 | ) | | | - | | | | (471 | ) | | | (182 | ) | | | (165 | ) | | | (122 | ) | | | - | | | | (469 | ) | Interest and financing income (expense) | | | (128 | ) | | | (268 | ) | | | 131 | | | | (3,300 | ) | | | (3,565 | ) | | | (965 | ) | | | (317 | ) | | | 41 | | | | (6,789 | ) | | | (8,030 | ) | Foreign exchange gain (loss) | | | (844 | ) | | | - | | | | - | | | | 1,951 | | | | 1,107 | | | | 1,042 | | | | - | | | | - | | | | (881 | ) | | | 161 | | Gain on disposal of assets | | | - | | | | - | | | | 967 | | | | - | | | | 967 | | | | - | | | | - | | | | - | | | | - | | | | - | | Loss on metals contract liability | | | - | | | | - | | | | - | | | | (26,889 | ) | | | (26,889 | ) | | | - | | | | - | | | | - | | | | (10,044 | ) | | | (10,044 | ) | Other gain (loss) on derivatives | | | - | | | | - | | | | - | | | | 3,625 | | | | 3,625 | | | | - | | | | - | | | | - | | | | (566 | ) | | | (566 | ) | Fair value loss on royalty payable | | | - | | | | - | | | | - | | | | (300 | ) | | | (300 | ) | | | - | | | | - | | | | - | | | | (729 | ) | | | (729 | ) | Income (loss) before income taxes | | | (1,290 | ) | | | (1,272 | ) | | | (2,765 | ) | | | (43,607 | ) | | | (48,934 | ) | | | 706 | | | | (6,894 | ) | | | (5,498 | ) | | | (24,164 | ) | | | 35,850 | ) | Income tax expense | | | (795 | ) | | | - | | | | - | | | | - | | | | (795 | ) | | | (469 | ) | | | - | | | | - | | | | - | | | | (469 | ) | Net loss for the period | | $ | (2,085 | ) | | $ | (1,272 | ) | | $ | (2,765 | ) | | $ | (43,607 | ) | | $ | (49,729 | ) | | $ | 237 | | | $ | (6,894 | ) | | $ | (5,498 | ) | | $ | (24,164 | ) | | $ | (36,319 | ) |
c. Major customers For the three-month period ended September 30, 2025, the Company sold concentrates and finished goods to three major customers accounting for 43% of revenues from Cosalá Operations and 57% of revenues from Galena Complex (2024: two major customers accounting for 51% of revenues from Cosalá Operations and 45% of revenues from Galena Complex). For the nine-month period ended September 30, 2025, the Company sold concentrates and finished goods to three major customers accounting for 45% of revenues from Cosalá Operations and 55% of revenues from Galena Complex (2024: two major customers accounting for 50% of revenues from Cosalá Operations and 48% of revenues from Galena Complex). |